Shares of extended its upward momentum with nearly 3 per cent surge on Wednesday, trading as the top gainer on the Nifty 50 index after the company disclosed plans to list key subsidiaries in the upcoming financial year.
on Tuesday, Coal India said it has received in-principle approval from its board for the listing of Mahanadi Coalfields Limited (MCL). The approval was granted through a circular resolution, the company informed the stock exchanges.
In a separate disclosure, Coal India said the board has also accorded in-principle approval for the listing of South Eastern Coalfields Limited (SECL). The move is aimed at enabling the further listing of subsidiaries during the next financial year, the company said in its exchange filing.
Market participants viewed the disclosures as a step toward value unlocking, with investors responding positively to the prospect of subsidiary listings.
The stock traded at ₹408.85 with an increase by 2 per cent and hitting an intraday high of ₹412.40, against the previous close of ₹400.40.