August 5, 2013 / 3:57 AM / 4 years ago

Coal India rises 3.34 percent after hitting record low

MUMBAI (Reuters) - Coal India(COAL.NS) gain as much as 6.2 percent after hitting a record low of 248.25 rupees on Monday. The company posted its first quarterly profit decline in five quarters on Saturday, saying lower sales realisations and higher wage and diesel costs were to blame.

A labourer carries a basket filled with coal at a railway yard in Chandigarh January 20, 2011. REUTERS/Ajay Verma/Files

The state-owned miner said net profit for its fiscal first quarter fell to 37.31 billion rupees. Analysts, on average, had forecast net profit of 42.40 billion rupees, according to Thomson Reuters Starmine data.

Coal India stock closed 3.34 percent higher at 263.10 rupees.

Reporting by Abhishek Vishnoi; Editing by Rafael Nam

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