Stock Prices, Coal India Off 34% to 327.7 Rupees On Debut

Coal India Ltd No. 1 producer worldwide of the fuel, jumped on its first trading day in Mumbai. Climbed to 34 percent after selling 152 billion rupees (3.4 million) of shares at the upper end of market prices.
The action, which opened at Rs 291 has risen to 34 percent to 326.50 rupees and 324.75 rupees in trading at 9:53 pm local time. Coal India IPO listed at a price of 287.75 rupees. This is the culmination of a historic agreement and the birth of Coal India in the stock market, said Partha Bhattacharya, chairman of the company, at a ceremony to commemorate the event.
Investors are cheering the Coal India IPO. Those who missed the IPO will be an opportunity to buy now. Inflows of foreign capital in this nation will rise if the growth rates, said Alex Mathews, director research of Geojit BNP Paribas Financial Services Ltd Kochi.
Investors withdrew money from banks to buy shares in the company based in Calcutta, causing a debt rate of three months, companies almost doubled. Coal India has attracted bids worth at least $ 48, 700, 000, 000, reflecting strong demand and an optimistic outlook for the world's leading analysts of the world's coal. The IPO, which closed on October 21, 2010, was subscribed over 15 times.
The share exchange was very high and crossed Rs Turnover 3.10 crore in the first hour of trading. The share of intra-day high of Rs.338.60 and low intra-day 287.45 to investors IST.The 10:30 Coal India IPO expectation of around 20 per cent of earnings on list. But the current price of Rs.337 (by 10:30) give a yield of over 35 percent of its investors. Coal India has said it expects net earnings up 25 percent in the year to March 31, 2011.
3607751 efreepressrelease >E Free Press Release