RAIPUR : The Centre has taken policy decisions to ensure early operationalisation of coal mines but their allottees should also go the extra mile along with the government to start the mines, a top official said on Wednesday. Union Coal Secretary Sumanta Chaudhuri said his ministry has started the process of auctioning 27 mines and […]
Category: Coal
Govt to invite global bids in coal mining this year: Report
India plans to invite bids from global firms for the first time for coal mining blocks before end-2019, sources familiar with the matter said, a move that would end Coal India Ltd’s near-monopoly for the fuel as the nation tries to cut imports. Coal is among the top five commodities imported by India, one of […]
CIL: limited impact from FDI in coal mining, stock may take time to recover
Coal India Ltd (CIL) seems to be in a quagmire. The government’s move to allow 100% foreign direct investment (FDI) in coal mining has dented the market’s enthusiasm in the stock. Its shares tanked 3.7% after the announcement. That said, the stock has been sliding since June 2019 and is near its all-time low now, […]
Private coal mining to take a while yet in India, despite FDI clearance
MUMBAI : Even as India takes its first steps towards privatizing coal mining in India, it might be a while before the country sees active participation in the sector. On Wednesday, commerce and industry minister Piyush Goyal said 100% foreign direct investment (FDI) under automatic route in coal mining and associated infrastructure has been approved. […]
Coal India likely to maintain dominant position despite easing of FDI norms
The world’s biggest coal miner is likely to hold on to its crown for now even as competition increases in India, which opened its doors to foreign miners to boost output and curb surging imports. The South Asian economy will allow 100% foreign direct investment in mining and sale of coal, trade minister Piyush Goyal […]
Cost savings buoy Coal India’s operations, but investors are hardly moved
Coal India Ltd’s first-quarter numbers were decent, but still fell marginally short of the Street’s expectations. This resulted in the stock correcting about 1.6% on Wednesday when most front-line metal and mining stocks staged a smart recovery. Part of the reason was a dip in realizations in the preceding quarter, which muted revenue growth. However, […]
India, world’s no. 2 coal buyer, plans to cut imports by a third
New Delhi: India’s coal ministry is preparing a plan to cut imports of the fuel by at least a third over the next five years, counting on an increase in domestic production and a jump in renewable output, according to people familiar with the plan. Imports are seen falling to below 150 million tons by […]
Naveen Jindal charged in coal allocation scam
NEW DELHI: A special CBI court on Thursday framed charges against industrialist Naveen Jindal and four other officials in connection with the allocation of Urtan North coal block in Madhya Pradesh for allegedly making incorrect claims and deceiving the coal ministry for the allocation. The trial will commence from 30 September. Special judge Bharat Parashar […]
India considers breaking up world’s top coal miner Coal India: Report
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 […]
Adani Enterprises wins final approval for long delayed Australian coal mine
Melbourne: 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 (DES) said in a statement it had approved Adani’s Groundwater Dependent Ecosystem Management Plan. Adani has said that […]
Coal India profit beats estimates in Q4, but outlook lacks the spark
Sentiment on the Coal India Ltd stock may have perked up marginally on the back of an encouraging set of March quarter numbers, announced after market hours on Thursday. On Friday, while the broader markets were subdued, the miner’s stock closed slightly higher. Still, over the medium-term perspective, muted outlook on coal sold through the […]
Coal India Q4 consolidated net rises over 4-fold to ₹6,024 cr, beats estimates
Coal India on Thursday reported a whopping 362% increase in its consolidated net profit at ₹6,024 crore the quarter ended March 2019. It was ₹1,303 crore in the year-ago period. The consensus forecast for the consolidated net profit was ₹5,063 crore. The consolidated revenue from operations rose 7.5% to ₹28,546 crore as against ₹26,548 crore […]