Why Coal India share rose over 5% today

Coal India share rose over 5% today after the state run PSU said it would consider a second interim dividend for FY21 in its meeting of board of directors scheduled on March 5, 2021. Coal India stock touched an intraday high of Rs 144.1, rising 5.26% against previous close of Rs 136.90 on BSE.

Coal India stock has gained 4.52% in the last 2 days . The stock opened with a gain of 2.85% at Rs 140.80. Coal India share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The share has lost 18% in one year and risen 5.68% since the beginning of this year. Market cap of the firm rose to Rs 87,911 crore. At 2: 55 pm, the share was trading 5.15% higher at Rs 143.95.

Coal India has fixed March 16, 2021, as the ‘Record Date” for payment of 2nd Interim Dividend on Equity Shares for Financial Year 2020’21 ‘ if declared by the Board.

Meanwhile, brokerage firm Geojit has given a buy call on the stock with a target of Rs 155. The business is expected to perform well in the short to medium-term, as the demand from power plants would witness a sharp increase once their inventory levels deplete.

“The long-term outlook remains positive with improvement in realization and the ability of the company to protect margins by improving efficiency,” it added.

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