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Coal India shares jump on Q4 earnings, price hike
Coal India shares rose 4.5% in pre-open trading on Tuesday after its January-March earnings beat estimates and it also announced a price hike.
Updated on: May 28, 2013, 11:18:53 IST
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Coal India shares rose 4.5% in pre-open trading on Tuesday after its January-March earnings beat estimates and it also announced a price hike.
Coal India Ltd, world's largest coal producer, posted a 35% increase in fourth-quarter net profit, beating market estimates, on the back of higher sales and lower-than-expected wage and fuel costs. The results came after the close of markets on Monday.
Separately, Coal India said it would raise prices as of Tuesday, adding the hikes would increase revenue by about Rs 21.19 billion ($381.39 million) for the rest of the 2013-14 fiscal year.
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