Shares in Coal India Ltd rose as much as 4.5 per cent on Tuesday after its January-March earnings beat estimates and after the world’s largest coal producer also announced it would raise prices.
Coal India posted a 35 percent increase in fourth-quarter net profit,beating market estimates,on the back of higher sales and lower-than-expected wage and fuel costs. The results came after the close of markets on Monday.
Separately,Coal India said it would raise prices as of Tuesday,adding the hikes would increase revenue by about 21.19 billion rupees for the rest of the fiscal 2013-14 year.
At 9.24 a.m.,the stock was up 3.7 per cent at 325.5 rupees.