Executive salary hike to cost Coal India Rs800cr

Coal India
The management of Coal India Ltd made a statement that they are planning to pay its executives a Rs800crore salary hike. The salary hike is to be retroactive from January 2017.

The executive salary hike comes a month after the company approved a hike in workers’ wages. The workers' wage hike is estimated to cost Rs5,600cr over five years.

Coal India employs more than 300,000 people, about 18,000 of whom are executives. As on FY17, employee costs accounted for ~31% of the total expenditure of the company.

Any negative impact from this event is likely to be muted. The stock touched a 52 week high of Rs332.1 on 27-Feb-2017 and a 52 week low of Rs234 on 11-Aug-2017. Last one week high and low of the scrip stood at Rs276.75 and Rs269.25 respectively. 

Coal India is the largest coal producer in the world and it accounts for ~84.5% of total production in India.

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