Mumbai: Shares of Coal India Ltd surged over 6 percent Wednesday, adding more than Rs 13,000 crore to its market valuation, amid reports that the government has lifted the cap on the company's e-auction sales.
Following the buzz, the stock soared 5.73 percent to settle at Rs 380 on the BSE. During the day, it jumped 6.37 percent to Rs 382.30.
At the NSE, the scrip rallied 6.23 percent to end at Rs 382.
The stock was the biggest gainer on the Sensex and Nifty.
Following the sharp rally in the stock, the company's market value jumped Rs 13,011.85 crore to Rs 2,40,021.85 crore.
On the volume front, 5.28 lakh shares of the company changed hands at the BSE and over 68 lakh shares were traded at the NSE during the day.
As per reports, Coal ministry has allowed CIL to revert to the old system, removing the cap on e-auction volumes with effect from April, 2015.
This might boost the miner's bottom-line in the coming days, it said.
Meanwhile, in the broader market the BSE benchmark Sensex ended at 28,707.75, up 191.16 points.
