Monday, 18 March 2013

Coal India End Down as Stock Trades Ex-Dividend - Wall Street Journal (India)

Debarjun Saha | 04:18 |

MUMBAI--Coal India Ltd. was the biggest decliner Monday among the 30 stocks in the Bombay Stock Exchange's benchmark index as new investors in the company's shares aren't eligible for an interim dividend it announced last week.

Shares of state-run Coal India ended 5.4% lower at 302.70 rupees ($5.60) on the Bombay Stock Exchange where the benchmark S&P BSE Sensex index closed 0.7% down.

Thursday, Coal India's board approved a company proposal to pay an interim dividend of 9.70 rupees a share.

"The stock is trading ex-dividend on the stock exchanges from today, and so [new] buyers aren't eligible to the interim dividend," said Raju Katira, a senior trader at Triveni Management Consultancy Services.

Also, shares of most state-owned companies are down due to the government's plan to sell stakes in some of them, Mr. Katira added.

The Press Trust of India reported Sunday that the government may sell a 10% stake in the coal miner in the next fiscal year starting April 1 to raise about 180 billion rupees. New Delhi has a target to raise as much as 400 billion rupees by selling stakes in state-run companies next year.

As many as 854,708 shares of Coal India were traded on the Bombay Stock Exchange Monday, compared with its average daily volume of 278,000 shares over the past two weeks.

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