Coal India expects its capital spend in 2023-24 to surpass the target of Rs 16,500 crore as mining activity gains momentum post-monsoon. The government-owned miner’s capex spend was Rs 10,942 crore at the end of November 2023, 7.6 per cent higher than Rs 9,751 crore in the corresponding period of the previous year. “We are […]
Category: Coal
CIL unveils roadmap to stop heavy-duty gear imports in 6 years
NEW DELHI: Coal India Ltd (CIL) has unveiled a roadmap to phase out import of heavy-duty mining equipment in six years, aa move that will save the world’s largest coal miner Rs 1,000 crore additional expense incurred on customs duty annually and foster domestic manufacturing. CIL currently procures some gear from domestic manufacturers, but has […]
Indian investigators seek to restart stalled Adani group’s coal imports probe
Indian investigators are seeking to restart a probe into the Adani group for alleged overvaluation of coal imports and have asked the Supreme Court to allow them to collect evidence from Singapore, a step they say the company thwarted for years, legal documents show. The Directorate of Revenue Intelligence since 2016 has been trying to […]
Coal India registers 12.73 per cent rise in net profit for July-September quarter
Coal India on Friday reported a 12.73 per cent rise in net profit for the second quarter ended September 30, on the back of a higher production and offtake despite softer e-auction prices. Net profit during Q2FY24 was Rs 6,813.5 crore compared with Rs 6,043.99 crore in Q2FY23, ahead of market estimates. Revenue from operations […]
India’s coal production rises 19 per cent to 78.65 million tonne in October
India’s coal output increased 18.59 per cent to 78.65 million tonne (MT) in October. The country produced 66.32 MT in the corresponding month of previous fiscal year. Coal output by state-owned CIL increased 15.36 per cent to 61.07 MT in October this year as compared to 52.94 MT in the year-ago period, the coal ministry […]
NTPC produces 19 million tonnes coal from captive mines in April-October; supply at 20 million tonnes
NTPC has produced 19.117 million tonnes (MT) of coal from its captive mines during the April-October period of the ongoing fiscal, a year-on-year rise of 86 per cent. It had produced 10.282 MT in the nine-month period of the preceding 2022-23 financial year, the company said in a statement on Thursday. In addition, NTPC has […]
Coal India allays fears of stock drop at thermal plants amid rise in electricity demand
Coal India on Monday said it has supplied 3 million tonnes (MT) of coal more than its target supply to the power sector by October 15 for the financial year 2023-24. “CIL’s targeted commitment was 316 MT to the power sector till October 15 of FY2024 against which the company’s supplies were ahead by 3 […]
Adani Group imported coal well above market prices, overcharged Indian consumers: FT report
The Adani group has been rocked by another damning report that claims it imported billions of dollars of coal at prices well above market prices, igniting suspicion that the country’s largest private importer of coal has been inflating fuel costs and forcing consumers and businesses to overpay for electricity. The London-based Financial Times pored over […]
Relief for Coal India as strike over hike in salaries deferred after MP High Court order
Coal India on Wednesday said that a proposed strike scheduled from 12th to 14th October 2023 has been deferred. The public sector miner in a stock exchange filing said that representatives of trade unions while considering the appeal of management conveyed that the strike in establishments of Coal India and its subsidiaries is deferred. This […]
SAIL sources 6 lakh tonne coking coal from Russia in 8 shipments
State-owned SAIL sourced around 8 coking coal shipments of 75,000 tonne each from Russia during April-September period of FY24, its Chairman Amarendu Prakash said on Thursday. The official also said that International Coal Ventures Private Limited (ICVL) is looking to double its production capacity to 4 million tonne per annum (MTPA). Mozambique-based ICVL is a […]
Coal India planning investments aggregating to Rs 14,000 crore towards first mile connectivity projects
Coal India on Tuesday said it is planning investments aggregating to Rs 14,000 crore towards the second and third phase of the first mile connectivity (FMC) projects. These projects involve transportation of coal in mechanised piped conveyors from production point to coal handling plants/silos with a rapid loading system where coal is directly loaded onto […]
Coal India Limited share sale beats target, Centre triggers greenshoe option
The offer-for-sale of Coal India Ltd — the first disinvestment exercise in this fiscal — got off to a rousing start on Thursday with the quota of institutional investors subscribed 346 per cent that led to the government exercising its greenshoe option to sell more shares from its holding. The Centre had offered over 8.31 […]