A day after the government decided to sell up to 10 percent stake in Coal India Ltd, some of trade unions the PSU today said they are opposed to the move and may hold strike later.
The government will sell up to 10 percent stake in CIL through offer for sale tomorrow.
"We oppose the government's move and we may go for strike," said Baij Nath Rai of Bharatiya Mazdoor Sangh (BMS) told PTI.
"We have already launched protest, demonstration, rallies etc. What else?," he added.
Rai said the National Executive meeting of BMS is scheduled for early next month in Bhopal and it will take a decision on how to respond to the government.
Nathulal Pandey, president of HMS-affiliated Hind Khadan Mazdoor Federation said the union opposes the government's move in a very strong manner.
"This is intolerable and the government should have consulted us before any such move," he said.
"We may go for work-to-rule," Pandey added.
The government may raise raise around Rs 24,000 crore from the stake sale in PSU.
Nearly five lakh coal workers went on a strike early this month after five major trade unions, including BJP-backed Bharatiya Mazdoor Sangh, gave a call for the biggest ever industrial action in four decades against what they called attempts for "disinvestment in Coal India and denationalisation of coal mining".
Coal workers however called off their 5-day nationwide strike after two days following the intervention of the government.
The government had said then that CIL trade unions have assured it if trying to make up for the loss in production of about 1 million tonnes on account of the strike.
The government had said that the unions have also assured complete cooperation in the future as well.
Coal India stock price
On January 29, 2015, Coal India closed at Rs 375.15, down Rs 8.9, or 2.32 percent. The 52-week high of the share was Rs 423.85 and the 52-week low was Rs 240.50.
The company's trailing 12-month (TTM) EPS was at Rs 21.06 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 17.81. The latest book value of the company is Rs 26.04 per share. At current value, the price-to-book value of the company is 14.41.
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