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Coal India surges 3% in early deals; PSU mining stock declares interim dividend for FY22

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Coal India share price: State-owned company's shares were buzzing in trade on Tuesday after it announced a 90 percent interim dividend for FY22 as investor sentiment buoyed. The CIL stock price has jumped almost 3 percent in early morning deals.

Coal India surges 3% in early deals; PSU mining stock declares interim dividend for FY22
Coal India Ltd (CIL) share price opened in the green on Tuesday and jumped nearly 3 percent in early morning deals. The uptrend comes a day after state-owned CIL announced an interim dividend for the financial year 2021-2022 at Rs 9 per share. The government will receive around Rs 3,667 crore interim dividend from the company.
The Maharatna public sector undertaking announced a 90 percent interim dividend for FY22, and the total outgo for the purpose will be around Rs 5,546 crore, Coal India Director (Finance) Samiran Dutta told PTI.
“The government will get 66 percent of it as per its holding, and the rest will go to other categories of investors," he said.
The coal behemoth had given a total dividend at Rs 16 per share in FY21. According to sources cited by PTI, the PSU miner will try to maintain at least the last year's dividend payout.
Meanwhile, last week, CIL chairman Pramod Agrawal had told investors that the company’s Rs 17,000-crore capital expenditure is on track for the current fiscal. He added that the firm aims to invest Rs 40,000-50,000 crore as capex in the next four to five years.
The government holds a 66.13 percent stake in Coal India.
In a period of one year, the Coal India stock has provided over 24 percent return to investors.
At 10 am, the shares of Coal India were trading 1.75 percent higher at Rs 157 per share on the Bombay Stock Exchange (BSE) and were up 1.82 percent at Rs 157.05 apiece.
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