Coal India rallies over 5% as Narendra Modi plans opening up the sector

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Shares of Coal India rallied over 3 per cent, in early trade on Bombay Stock Exchange (BSE) following reports that the Prime Minister-designate Narendra Modi is exploring breaking up the company and opening up the sector to foreign investment.

According to media reports, Modi wants to fix the coal sector quickly to ensure unbroken electricity supply across the country. Coal generates more than half of India's power and is the cheapest form of energy.

Shares of company gained as much as 3.44 per cent at Rs 384.95 a piece on the BSE.

In a similar fashion, shares of company advanced 6.75 per cent to Rs 395.95 a piece on National Stock Exchange.

Meanwhile, the broader benchmark Sensex was quoting at 24,412.98, up 114.96 points, or 0.47 per cent at 10:27 hours.

Read more about: coal india
Story first published: Thursday, May 22, 2014, 12:41 [IST]
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