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Coal India Ltd climbed as much as 2.7 per cent, its biggest percentage rise since September 28, and was on track for a fourth session of gains.
After opening strong at Rs. 276.50 against the previous close of Rs. 274.65, the scrip touched an intraday high of Rs. 282 and a low of Rs. 274.65. In terms of equity volume, 2.55 lakh shares exchanged hands on the BSE. CIL shares ended up by 0.66 per cent at Rs. 275.45.
The company is considering hiking the salary of its executives, which may cost CIL about Rs. 800 crore. “The salary revision of Coal India (CIL) employees is under consideration and it will be done after observing due formalities,” a company official privy to the development said.
The pay revision of nearly 18,000 executives of the PSU is due from January 1, 2017, the official said. “The annual impact (from the proposed hike) is likely to to be to the tune of about Rs. 800 crore,” the official said, adding that the board is yet to approve the hike of the salaries of the executives.
State-owned Coal India had last month signed a wage pact with workers’ unions for five years which, the PSU said, would have an estimated impact of Rs. 5,667 crore annually on the miner.
Calling the signing of the wage agreement “a really historic day”, Coal India CMD Gopal Singh had said they clinched the agreement at 20 per cent hike in salaries against the workers’ demand of 50 per cent. Coal India has nearly three lakh employees and the wage agreement was due from July 2016.
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