Deals
Coal India Surges 40% on Debut After Record Share Sale
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Coal India Ltd. surged 40 percent on its first trading day to become the world’s second-most valuable coal miner after investors bid for 15 times the shares sold in the country’s largest initial public offering.
The stock climbed to 342.55 rupees in Mumbai trading, valuing the company at $49 billion. The benchmark Sensitive Index gained 2.1 percent to a record. Prime Minister Manmohan Singh’s government raised 152 billion rupees ($3.4 billion) last month by selling a 10 percent stake in the world’s largest coal producer at 245 rupees a share.