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Coal India Hikes Prices, Shares Jump

Coal India, employee strike

Kolkata: State-run miner Coal India (CIL) on Tuesday said its board had approved a hike in non-coking coal prices for both power and non-power consumers with immediate effect. Coal India sources indicated that the average price hike could be around 10 per cent.

Due to this revision, the world's largest coal miner will earn an incremental revenue of Rs.1,956 crore for the remaining period of fiscal year 2017-18 while total revenue will be Rs.6,421 crore, the company said in a regulatory filing.

The price hike will be applicable to "all subsidiaries of Coal India, including NEC for regulated and non-regulated sectors", the filing said.

Shares of the company soared 3.67 per cent to Rs. 298.40 on the BSE after the announcement.

The miner was compelled to revise prices in the wake of rising costs which was a drag on its profitability for the last few quarters.

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