Coal India's shares settle 5% higher

Shares of coal behemoth Coal India settled 5 percent higher on Tuesday, a day after the state-owned company reported a rise in net profit for the December quarter. The stock of the company jumped 4.67 percent to close at Rs 453 apiece on the NSE. On the BSE, the Coal India Ltd (CIL) scrip advanced 4.47 percent to end at Rs 452.40 apiece.

In volume terms, 3.56 crore equity shares were traded on the NSE, and 23.02 lakh shares on the BSE during the day. The 30-share BSE Sensex climbed 482.70 points, or 0.68 percent, to end at 71,555.19, while NSE Nifty rose 0.59 percent to close at 21,743.25 points.

In a regulatory filing on Monday, CIL reported a 16.9 percent rise in consolidated net profit to Rs 9,069.19 crore for the December quarter.

The company's net profit stood at Rs 7,755.55 crore in the year-ago period, the company said.

Its consolidated revenue from operations in the October-December period increased to Rs 36,153.97 crore from Rs 35,169.33 crore a year ago, it added. CIL's consolidated revenue from operations in the October-December period increased to Rs 36,153.97 crore from Rs 35,169.33 crore in the corresponding period of the previous fiscal, registering a growth of 3 percent.

The company's board approved a second interim dividend of Rs 5.25 per share for the current fiscal, which is 52.5 percent of the face value.

With this, the total interim dividend for FY24 stands at Rs 20.50 per share, or 205 percent of the face value.

The CIL board also cleared the decks for the appointment of Mukesh Agrawal as the Chief Finance Officer (CFO) with effect from Tuesday.

With this, the total interim dividend for FY24 stands at Rs 20.50 per share, or 205 percent of the face value. CIL accounts for over 80 percent of domestic coal production.