Page 2 - Coal India Ltd News

CIL's contribution to govt exchequer rises 2% to Rs 20,072 cr in Apr-Jul

Coal India's contribution to govt exchequer rises 2 pc to Rs 20,072 cr in Apr-July

CIL actively pursuing acquisition of critical minerals, says chairman

Coal India on Wednesday said it is actively pursuing acquisition of critical minerals, including lithium, in the domestic market and overseas and stressed that it would continue to take part in the auction of such blocks. Critical minerals, including lithium, play a crucial role in the production of clean energy technologies, from wind turbines to electric cars. They are particularly in demand for the production of batteries for electric cars. "With an objective to reduce the import dependence of critical minerals like lithium, cobalt, CIL is actively pursuing acquisition of these mineral assets in India and abroad," Coal India Ltd (CIL) Chairman P M Prasad said during 50th Annual General Meeting of the company. CIL, he said, will continue to participate in e-auction of critical mineral blocks offered by the mines ministry. CIL has successfully opened its account in domestic critical mineral asset, emerging as the preferred bidder for Khattali Chotti graphite block in Alirajpur ..

CIL, GAIL sign agreement to set up coal-to-synthetic natural gas project

State-owned CIL on Monday said it has entered into a joint venture agreement with GAIL (India) Ltd to set up a coal-to-synthetic natural gas project in West Bengal. While Coal India Ltd (CIL) will have 51 per cent shareholding in the joint venture, GAIL, the nation's largest gas transportation and distribution firm, will have 49 per cent. The joint venture will be incorporated as a private limited company. The initial paid-up share capital is Rs 1 lakh, CIL said in a BSE filing. The registered office of the joint venture will be in West Bengal and CIL and GAIL each will have the right to nominate three executives as directors of the JV. Earlier this year, the Cabinet Committee on Economic Affairs had approved setting up a coal-to-synthetic natural gas project through a joint venture between CIL and GAIL, and a coal-to-ammonium nitrate project through a venture between CIL and BHEL. CIL will set up two coal gasification plants as part of efforts to achieve the target of 100 MT coal

Bharat Coking Coal pays first-ever Rs 44 crore dividend to Coal India

Bharat Coking Coal Limited (BCCL), a subsidiary of Coal India Limited (CIL), paid its first-ever dividend of Rs 44.43 crore to its parent company on Sunday. This milestone follows BCCL's achievement of clearing its accumulated losses and reporting a net profit of Rs 1,564 crore for the financial year 2023-24, with a turnover of Rs 13,216 crore. BCCL chairman-cum-managing director Samiran Dutta formally handed over the dividend to CIL chairman P M Prasad at a ceremony. The dividend payment was approved by BCCL shareholders at its 53rd Annual General Meeting on August 1. Dutta attributed the company's strong financial performance and strategic progress to a consistent growth rate of 15 per cent over recent years.

Coal India arm NCL contributed Rs 15,000 cr to govt exchequer in FY24: CMD

Northern Coalfields Ltd (NCL) CMD B Sairam on Saturday said that the company despatched 94 per cent of its total coal to the power sector and contributed Rs 15,000 crore to the central as well as state exchequer in FY24 in the forms of royalty and GST. Sairam also reaffirmed the company's commitment towards fulfilling the energy security of the nation. Speaking at the sidelines of Singrauli Industrial Summit 2024 organised by NCL at its headquarters, the CMD of the Coal India arm also outlined the company's contribution to the inclusive development of the Singrauli region. He also underscored the benefits of adopting an integrated approach based on shared values for the holistic development of Singrauli. The summit was organised with the objectives of driving economic growth, sustainable industrial growth, diversification, harnessing the full industrial potential, and creating employment opportunities with socio-economic upliftment and regional development. The summit marked ...

Strong volume growth, lower costs positive for Coal India's outlook

While operating profit margins are likely to normalise over the next two fiscals, the net profit estimates are being upgraded by analysts on the basis of higher OBR reversals

Coal India Q1 FY25 results: Net profit up 4.1% at Rs 10,959 crore

5 of Coal India's 7 subsidiaries met production targets in Q1, but none met offtake goals

Advancing 119 projects worth Rs 1,33,576 cr to boost output: Coal India

Coal India Ltd is advancing 119 projects with a capacity of 896 million tonne per year and a sanctioned capital of Rs 1,33,576 crore, the world's largest miner said. These projects, which are at various stages of implementation, are part of CIL's proactive strategy to increase production capacity and meet future coal demands, the company said in its latest annual report. Though the mining major did not specify a timeline for the capex, it said the development of these projects involves substantial investments in advanced mining technologies and infrastructure, aimed at enhancing productivity and ensuring sustainable mining practices. The Kolkata-headquartered company has set an ambitious target of achieving 1 billion tonne of production by 2025-26 to fulfill the nation's coal demand and support the goal of Atmanirbhar Bharat'. In the 2023-24 fiscal, its production stood at 773.6 million tonne. CIL said in 2023-24, one coal mining project with a sanctioned capacity of 20 million to

Coal India forays into non-coal mineral mining with graphite project

Graphite is the first mineral Coal India Limited (CIL) will diversify its operations beyond coal, following an order from the Ministry of Mines granting the company a composite license for prospecting and mining. This license pertains to the Khattali Chhoti Graphite Block in Alirajpur, Madhya Pradesh. "This is the first mineral other than coal for us," Debasish Nanda, Director of Business Development at Coal India, told PTI. CIL is required to pay a mining premium of 150.05 per cent of the value of minerals dispatched to the state government. Coal India said the timeline is one year for the grant of the composite license and three years for the execution of the mining lease deed, the miner informed bourses. Currently, the project is in a very preliminary phase, necessitating further exploration. In alignment with the government's Atmanirbharta vision, Coal India has formed a special team to focus on other critical minerals both globally and within India. Graphite, which has mult

Coal India to ease e-auction rules, plans to tweak allocation methodology

Maharatna coal behemoth Coal India Limited (CIL) on Friday said it has taken steps to ease e-auction norms like lowering the earnest money and enhancing the quantity of the dry fuel on offer. The company is also planning to tweak its auction and allocation methodology, as it aims to encourage increased participation. "CIL has taken steps to ease the norms in e-auctions like lowering the earnest money deposit (EMD) and ramping up the quantities offered under the auction hammer," the PSU said in a statement. The coal behemoth has asked all its arms barring Northern Coalfields Ltd, to spike up their offer quantity under e-auction to 40 per cent of their respective total production for the second and third quarters of this financial year. At present, Coal India operates only a single window mode agnostic e-auction scheme, where consumers can opt their own preferred mode of transport of coal. "The company is also planning a revamp of its auction and allocation methodology under its ...

State-owned Coal India firms up gasification plans in tie-up with BHEL

In May 2024, CIL and Bhel joined hands to set up BCGCL as a joint venture. CIL holds 51 per cent stake while Bhel has 49 per cent

Mechanisation, better logistics catalyst for record coal stock: CIL CMD

Our output of 189 MTs in the first quarter of the current financial year was around 14 MTs more compared to last year's same quarter, giving us the leverage to step up our supplies, Prasad said

Coal India to offer Rs 1 lakh to eligible UPSC aspirants: How to apply?

As part of Centre's 'Mission Karmayogi', the state-owned Coal India is powering a CSR initiative to offer Rs 1 lakh financial assistance to eligible UPSC candidates

Robust production, new initiatives to drive growth for Coal India

NRS offtake may remain high, leading to higher blended realisation because power plants with FSA have sufficient supply

Coal India's production increases by 8% during the first quarter

The Union Ministry of Power has mandated the import of coal for blending at thermal power plants to continue till October 2024

State-run Coal India's production rises by 8% to 189 MT in first quarter

State-owned CIL's coal production rose 8 per cent to 189.3 million tonne (MT) in the first quarter of the ongoing financial year. The company's coal output was 175.5 MT in April-June period of the previous fiscal. "Moving past the target of 189.2 MT, CIL achieved 100 per cent satisfaction in Q1 of the current fiscal year," Coal India Ltd (CIL) said in a statement. While all the seven producing subsidiaries of the coal behemoth achieved positive growth, five of them breached their respective targets. The company's production in June increased by 9 per cent to 63 MT, over 58 MT produced in June FY24. On the back of a strong production growth and increased coal loading, CIL's total supplies rose to 198.4 MT during April-June FY25 with 6 per cent year-on-year growth. The increase of 11.4 MT in absolute numbers came over a high base of 187 MT. At a time when power demand in the country is spiking, CIL's supply to coal-fired plants grew 4 per cent to 160 MT during the first quarter of

Geopolitics remains by far the biggest risk to markets, says Chris Wood

Back home, the midcap segment, Wood said, remains vulnerable to a correction. He believes there will also be a temptation for investors to tilt the portfolio more towards consumption plays