Jindal Steel and Power Ltd Chairman Naveen Jindal on Wednesday said the Union government should not “hoard” mines and create artificial scarcity, putting up only a few blocks for auction. He said India being a very competitive market, such scarcity leads to intense bidding and unsustainable valuation.
Category: Coal
Coal India production, dispatch may get hit due to ‘Bharat Bandh’
Coal India’s production and dispatch are likely to get affected partially on Tuesday as transporters have decided to observe ‘chakka jam’, pledging support to the December 8 ‘Bharat Bandh’ called by farmers over the new agriculture laws, a trade union leader said. Trade unions operating in the coal sector have not served any strike notice […]
Fuel supply by Coal India to power sector drops 7% in April-October
The despatch of coal by CIL to the power sector declined 6.6 per cent to 236.97 million tonne (MT) in April-October period of the ongoing fiscal. The state-owned company had supplied 253.76 MT of coal to the power sector in the corresponding period of the previous fiscal, according to government data. The fuel supply by […]
CIL banks on supplies to non-power sector to expand sales
PSU miner Coal India (CIL) is reorienting its marketing plans since the demand from the power sector, its main consumer, is yet to fully resurge. “We are concentrating our efforts on non-power consumers to expand our sales volume. Till there is demand resurgence from power sector we shall follow this, which is helping us,” said […]
High coal prices a dampener for gencos
Irregular payments by state-owned distribution companies (discoms) to power generation companies has been the problem most commonly cited in context of the power sector. Receiving less attention is the issue of high prices of domestic coal, which accounts for up to 80% of power production costs and impacts the balance sheet of power producers. Experts […]
CIL’s revenue from rate hike to go to pension fund
PSU miner Coal India (CIL) will increase prices of thermal coal for both regulated and non-regulated sectors across grades by Rs 10 per tonne effective from December 1. This may work to a less than 1% increase in the non-coking coal prices on the weighted average price per tonne. The company has informed the exchanges […]
CBI, income tax dept find bureaucratic and political nexus in illegal coal mining
The income tax (I-T) department and the CBI have found nexus of certain bureaucrats, Eastern Coalfields officials and some politicians in allowing illegal coal mining, tightening the noose around those involved in these operations. A highly placed CBI official told FE that there are orders from the home ministry to stop the flow of political […]
Coal India rating – Buy: A much improved earnings performance
CIL reported A much improved earnings performance in Q2FY21 aided by (i) 9.4% y-o-y increase in sales volumes; (ii) reversal of OBR provision of Rs 5.7 bn; and (iii) a surprising 44% y/y increase in e-auction volumes despite weak auction prices (-29% y/y ). Improvement in e-auction premiums have been measured since Q2FY21, though the […]
CIL to switch over to eco-friendly mechanised handling for majority of its production
PSU miner Coal India (CIL) is embarking on mechanised transportation of coal from pitheads to despatch points through rapid loading system across six subsidiaries, wherein coal would be moved through piped conveyor belts, enabling cleaner handling. The 406 million tonnes of coal that will be mechanically handled per year through 35 projects in the first […]
Centre to announce mining reforms initiative soon
The Centre will announce reforms initiative for the mining sector in next 6-8 weeks, coal secretary Anil Kumar Jain said on Friday. As the government has opened up commercial mining to private players and unlocked 500 non-coal mineral blocks, new mining reforms will get adopted in the statute book in next 6-8 weeks. “We expect […]
Cabinet to take up proposals on mining reforms soon
A clutch of proposals to reform the rules governing non-coal minerals will likely come under the consideration of the Cabinet soon. According to a draft Cabinet note prepared by the mines ministry, introduction of mining licences that offers with certainty tenure, ranging from the exploration to production stages, and removal of the distinction between captive […]
Next round of commercial coal mine auction in January: Coal Minister
Coal Minister Pralhad Joshi on Thursday said the Centre is planning to go for next round of auction of blocks in January and also appealed to the states to cooperate with commercial mine allottees to facilitate early operationalisation of the blocks as it would create a positive atmosphere and boost confidence of investors. The statement […]