Sharemasterindia.com: Coal India shares jumped as much as 5 per cent to hit intraday high of Rs 407.70 after the company signed fuel supply agreements with non-power producers.
Coal India signed fuel supply agreements (FSA) totaling 60 million tonnes per annum with non-power producers. FSAs with non-power producers are signed at a premium of 30 per cent to FSAs of power companies. This move would results in higher profit realisations for Coal India going ahead.
Meanwhile, Morgan Stanley has upgraded Coal India shares to 'overweight' from 'equal-weight' with a target price of Rs 449 per share. Morgan Stanley says that regulatory and policy related improvement will be coming to fore.
Coal India was the top Nifty gainer. At 11:05 a.m., the shares in Coal India were up 5 per cent at Rs 407.80. The stock was outperforming the Nifty which trading on a flat note.
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