Coal India’s shares gained over 3.5 percent in the morning trade on Wednesday. Investors reacted to the results for March quarter posted by the firm, which included a one-time gratuity payout.The stock touched an intraday high of Rs 292.30 and an intraday low of Rs 277.75.
The FSA average selling price (ASP) was also ahead of estimates as gains from price hikes were better than expected. Further, the e-auction ASP surprised positively. It is upbeat on the stock as stronger ASP should drive strong earnings.
The company reported a fall of over 52 percent in the net profit for March quarter at Rs 1,295 crore. The company had posted a profit of Rs 2,919 crore for the corresponding quarter of last year. Its revenues fell 16 percent at Rs 26,909 crore against Rs 23,243 crore year on year.
Shares of Merck hit a new high of Rs 2,369 per share, up by 18% on the BSE on back of heavy volumes in otherwise weak market.
Since April 19, 2018, the stock of pharmaceutical company has zoomed 57% from Rs 1,510, after the Procter & Gamble Overseas India made mandatory open offer to acquire 26% stake in the company at price of Rs 1,500.36 per share.
The firm also reported weak operational performance as operating profit of Rs 195.5 crore against Rs 3,460.5 crore year on year. The operating margin has also contracted to 0.7 percent against 14.9 percent in the previous year.
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