Coal news and updates

Coal India  is the biggest loser on the Nifty, shedding around 1 percent in intraday on Monday. The world's largest coal miner starts off its second round of roadshows for the 5 percent stake sale and will continue till November 26. The government will hold roadshows in Singapore, Hong Kong and Australia from next week. Earlier, investors have expressed concern over the lack of an appropriate regulatory regime for the sector as well as the long pending restructuring of this public sector behemoth. Investors are particularly concerned over the pricing power of Coal India and what impact the proposed regulatory architecture would have on that ability. The stock had fallen around 5 percent on Thursday after reporting September quarter results. Its consolidated net profit dropped to Rs 3,052.36 crore for the July-September quarter as expenses rose. posted a profit of Rs 3,078.08 crore in the second quarter a year earlier. Net sales rose 5.75 percent to Rs 15,411.49 crore from Rs 14,572.54 crore. At 10:55 hrs, the stock was quoting at Rs 271.95, down Rs 2.50, or 0.91 percent on the NSE. 

 

Source: moneycontrol.com