Coal India gains on govt stake sale report

Thu Apr 4, 2013 2:34pm IST

Local women carry coal taken from open cast coal field at Dhanbad district in Jharkhand September 19, 2012. REUTERS/Ahmad Masood

Local women carry coal taken from open cast coal field at Dhanbad district in Jharkhand September 19, 2012.

Credit: Reuters/Ahmad Masood

Related Topics

Stocks

   

Reuters Market Eye - Shares in Coal India Ltd(COAL.NS) gain as much as 4.1 percent after Bloomberg news reported that the government plans to raise 200 billion rupees by selling part of its stake in the company.

The report, quoting a draft finance ministry proposal, said the government plans to sell a 5 percent stake to the public and a similar holding to the company.

A senior finance ministry official with direct knowledge of the matter told Reuters the government was looking to raise 180-200 billion rupees via the stake sale, but was yet to decide the mode.

A senior Coal India official said, "We are not aware of this. Nothing has come to us."

At 2.32 p.m. shares were up 2.95 percent at 310.45 rupees.

(Reporting by Abhishek Vishnoi, Rajesh Kumar Singh and Malini Menon)

FILED UNDER:
  • Most Popular
  • Most Shared

Insight

REUTERS SHOWCASE

Border Talks

Border Talks

India names Ajit Doval as special envoy for China border talks.  Full Article 

WTO Deal

WTO Deal

U.S. seeks to step up India trade talks  Full Article 

Phone Masts

Phone Masts

American Tower to buy Bharti Nigeria phone masts for $1.1 billion  Full Article 

Infrastructure Plan

Infrastructure Plan

India targets private cash to build railways to its ports.  Full Article 

Shadow Banking

Shadow Banking

Reserve Bank planning more measures for NBFCs.  Full Article 

Auto Sector

Auto Sector

Hyundai Motor, Kia Motors lift 2014 global sales target on China, emerging markets  Full Article 

Oil Prices

Oil Prices

Some fund managers see oil falling to $60 without OPEC cut.  Full Article 

Project Shelved

Project Shelved

Jindal Steel shelves $10 bln project after coal setback.  Full Article 

Market Eye

Market Eye

Sensex, Nifty rise to record after China, ECB stimulus boosts risk appetite.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage