Coal India Ltd (CIL) has liquidated nearly 2,300 arrear rakes to the non-power segment since the beginning of this fiscal, thereby bringing down the backlog to the segment by more than 44 per cent. The state-owned miner had arrears of over 5,100 rakes to the non-power sector, which had accumulated over the past two fiscals. […]
Category: Coal
Govt may split Coal India to boost competition, raise funds
India may spin off units of Coal India Ltd, the world’s largest coal miner, into separate listed companies to boost competition and raise government funds, according to people with knowledge of the matter. The state-run company and the Coal Ministry are studying a proposal by the Finance Ministry’s Department of Investment & Public Asset Management […]
Boeing reshuffles management of grounded 737 MAX
Boeing Co has reassigned the head of its next airplane project to run the troubled 737 program, according to a memo seen by Reuters on Thursday, as the grounding of its 737 MAX in the wake of two accidents commands the US planemaker’s full attention. Kevin McAllister, chief executive of Boeing’s commercial airplanes division, stressed […]
Singareni Collieries starts work at Naini coal block in Odisha
The Singareni Collieries Company Limited (SCCL) has initiated steps to commence work on the Naini coal block in Odisha, which is known to have reserves of 34 crore tonnes of coal. It plans to produce about 1 crore tonnes per annum. N Sridhar, Chairman and Managing Director of SCCL, met Odisha Chief Minister Naveen Patnaik […]
Gautam Adani doubles down on Australia’s Carmichael coal mine
Adani bought the resource in Australia’s Galilee Basin in 2010 as Indian companies rushed for overseas energy supplies amid forecasts of booming demand The Chairman of the Adani Group, Gautam Adani, is hitting back at criticism regarding the Carmichael Coal mine. He stated that the endeavour will be both unprofitable and too dirty. In an […]
Palakkad rail division to get additional coal traffic from New Mangalore Port
A senior official of the Southern Railway Zone has asked the Palakkad division of the zone to be ready to handle additional coal traffic from New Mangalore Port. Speaking at the Railway Week celebrations of Southern Railway at Palakkad, S Anantharaman, Principal Chief Operations Manager of Southern Railway, said the launching of Chettinad Mangalore Coal […]
Adani gets final nod for long-delayed Australian coal mine
Adani Enterprises on Thursday received the go-ahead to start construction of a controversial coal mine in outback Australia, after a state government approved a final permit on ground water management. Queensland’s Department of Environment and Science said in a statement it had approved Adani’s Groundwater Dependent Ecosystem Management Plan following a rigorous assessment “based on […]
Coal India to hire merchant bankers for acquiring stakes in Australian coal assets
State-owned Coal India will hire merchant bankers to carry out financial due diligence for acquiring equity stakes in identified mines and companies in Australia as part of its plan to meet the growing dry fuel demand in the country. The state-run miner has identified coal assets in Australia for acquiring equity stakes along with off-take […]
Coal India at near seven-month high; chart suggests more upside
Shares of Coal India Ltd gain as much as 2.03 per cent to Rs 268.75, the highest since November 13, 2018. Stock broke above a resistance at Rs 264.17. Breakout is supported by volume as the five-day average volume is about 59 per cent higher than the 30-day average volume The breakout suggests that in […]
Coal India lines up ₹ 10,000 cr capex to boost output
Coal India targets more than 8 per cent growth in production at 660 million tonnes in 2019-20 compared to 607 million tonnes in the last fiscal and plans a capital expenditure of ₹ 10,000 crore in the current fiscal, according to sources. The target for revenue from operations (net) has been fixed at ₹ 1 […]
Power producers want CIL to step up coal supply through rail wagons to reduce transportation cost
Power generating companies have asked state-run Coal India to increase the supply of the dry fuel from Korba area in Chhattisgarh through rail wagons to help them reduce transportation cost as well as tariffs for end-consumers. Korba region serves 20 per cent of the domestic coal supply but Coal India-arm South Eastern Coalfields Ltd (SECL) […]
Coal India Q4 profit soars 362% to ₹6,024 cr on cost-cutting drive
A reduction in employee benefit costs and in other expenses and a higher realisation helped Coal India Ltd (CIL) post a 362 per cent rise in net profit at ₹6,024.23 crore for the quarter ended March 31, 2019. Net profit in the year-ago-period stood at ₹1,302.63 crore. The company’s net revenue rose by 8 per […]