Page 5 - Coal India

Stocks to Watch today, Sep 13: Infosys, Vedanta, BoB, Paytm, KEC, SpiceJet

Stocks to watch on Wednesday, September 13, 2023: Steel stocks too may see some action India and the US plan to enable exports of at least 336,000 tonnes of certain steel and aluminium products withou

Coal India to invest Rs 24,750 crore in 61 eco-friendly projects

CIL in 2021 had planned 35 FMC projects with a capacity of 414.5 MTPA. Out of these, currently 8 FMC projects of 112 MTPA capacity are already operational

Coal India output grows 13% to 52.3 MT in Aug, supply up 15% at 59 MT

Coal India Ltd (CIL) on Friday posted a 13.2 per cent growth in its output at 52.3 million tonnes (MT) in August 2023 compared to 46.2 MT in the year-ago month. The supplies rose to 59 MT in August 2023 from 51.2 MT in the same month last fiscal, registering a rise of 15.3 per cent, the company said in a statement. In FY2023-24 so far, the state-owned coal miner produced 281.5 MT, posting an 11.1 year-on-year growth. During April-August 2023, total coal off-take rose by 8 per cent to 305.5 MT compared to 283.1 MT in the same period of the last year. In August, the supplies to the power sector at nearly 47 MT increased by nearly 8 compared to 43.6 MT of the same month last year. Against the commitment of 1.44 MT per day, the company supplied 1.515 MT per day to the power sector. During April-August 2023, the coal-fired plants received 248.7 MT of coal from CIL, around 2 per cent higher from 243.5 MT a year ago. Coal inventory at CIL's pitheads stood at a comfortable 45.3 MT as of

CIL's arm SECL inks agreement for maiden open-cast mine in Chhattisgarh

The spokesperson said the MDO model would help achieve the CIL's 1 billion tonne production target

Enough stock available to meet any sudden increase in demand: Coal India

Coal India Limited (CIL) Chairman and Managing Director P M Prasad on Wednesday said that sufficient coal stock is available in the country and the company is ready to meet any sudden increase in demand. Prasad told shareholders at the 49th AGM that the company is working on a number of initiatives to increase its production capacity, including the development of new mines and the expansion of existing ones. CIL is committed to meeting the country's growing demand for coal and is ready to address any sudden surge in demand, he said. On Tuesday, the coal ministry reviewed the dry fuel's production and offtake in a meeting with senior officials due to the surge in power demand across the country. The country has sufficient coal stocks, with almost 80 million tonnes of coal available with thermal power plants and Coal India, Coal Minister Prahlad Joshi had said. Speaking about FY23 performance, Prasad said that CIL produced a record 703.2 million tonnes (MT) of coal in the fiscal yea

Trials for Coal India's in-house e-auction platform successful: Officials

The trials for Coal India's in-house e-auction platform have been carried out satisfactorily, and the mechanism can have a full-fledged rollout across the company's coal-producing subsidiaries, officials said Sunday. A total of seven trial auctions involving nearly 18 million tonnes of coal have been conducted, they said. The mining major has entrusted its wholly owned subsidiary Central Mine Planning & Design Institute (CMPDI) to rollout the in-house e-auction system, with technical assistance from the National Informatics Centre. At present, external agencies like MSTC and mjunction are in agreement with Coal India to execute e-auctions of coal. "During initial trials, there were some teething issues that were resolved by CMPDI and NIC officials. In subsequent e-auctions, the trials were conducted smoothly. The entire system is automated, without any manual intervention," one of the officials said. "The charges are levied as per directions of Coal India," he said. CMPDI has ...

Coal India plans policy for financial assistance to future mountaineers

Coal India Limited (CIL) chairman PM Prasad on Sunday said they are contemplating a policy to provide financial assistance to future mountaineers. Prasad was addressing the inaugural session of Everest Summit' through video conferencing from Kolkata. The event was organised at the convention centre of Central Coalfields Limited (CCL), Ranchi, to celebrate the 70th anniversary of Everest summit. Prasad said mountaineering is not only a difficult task but a costly one too. "There should be some funds for the purpose whether from the government or from our CSR. We are working on that for future mountaineers," Prasad said. As many as 14 climbers, who have successfully conquered Mount Everest, were felicitated during the inaugural session to celebrate their achievements. On the occasion, the climbers shared their experiences of summitting Mount Everest and inspired employees and other stakeholders. Speaking on the occasion, CCL chairman-cum-managing (CMD) director Dr B Veera Reddy sa

Coal India capex spending grows 8.5% to Rs 4,700 cr in Apr-Jul: Officials

Coal India Ltd's capital expenditure rose 8.5 per cent during April-July this fiscal to Rs 4,700 crore as it continued to invest heavily in evacuation infrastructure, land, and mining machinery, officials said. The capex spend during the first four months of the current fiscal year that started in April, was almost 100 per cent of the target of Rs 4,754 crore and 28.3 per cent of the annual target of Rs 16,600 crore (for 2023-24 fiscal), they said. Typically, the capex starts slow in the first quarter with the company laying out the expenditure plans at the beginning of the fiscal and gradually builds up in the subsequent quarters. What makes the 8.5 per cent capex growth in April-July FY24 significant was it came over a high base of Rs 4,332 crore of same period in FY2023, the year when CIL's capex peaked to an all-time high of Rs 18,619 crore. "At a time when the government has been directing the central public sector units to scale up their capital expenditure for economic reviv

Improved production, higher cash flow drive Q1 boost for Coal India stock

Monthly production data and global price trends are key variables going forward

Coal India Q1FY24 results: Net profit falls 10% to Rs 7,941.40 crore

The coal major had clocked a net profit of Rs 8,834.22 crore in the April-June period of the preceding 2022-23 fiscal, the company said in a regulatory filing

Coal India plans two thermal plants with Rs 21,547 crore investment

State-owned Coal India Ltd (CIL) is planing to set up two thermal plants with an investment totaling Rs 21,547 crore in Odisha and Madhya Pradesh, an official statement said on Wednesday. While one project is planned near Amarkantak in Madhya Pradesh, the other is at Sundergarh district, in Odisha. "CIL has planned to set up two thermal power plants. One is being set up as a joint venture with the Madhya Pradesh government near Amarkantak," the Ministry of Coal said. It will be a 1 x 660 MW plant at an estimated cost of Rs 5,600 crore, the Ministry said adding the project is in advanced stages of approval. South Eastern Coalfields Ltd (SECL), a subsidiary of CIL, will invest Rs 857 crore as equity in the project to be implemented in a joint venture between SECL and Madhya Pradesh Power Generating Company Ltd, it added. The work on the project is likely to start by the end of this financial year and is likely to be completed by 2028. The Ministry further said Mahanadi Coalfields .

Coal India embarks on overseas acquisition of critical mineral assets

In a bold move to diversify its operations and integrate further into the value chain, Coal India Limited (CIL) is targeting the acquisition of lithium, cobalt, and nickel assets abroad. The company has recently amended its Memorandum of Association (MoA) to include non-ferrous and critical minerals, indicating its commitment to expand its presence in new sectors. In the past, the miner's attempt to acquire coal assets aboard did not fructify. In its pursuit of overseas assets, CIL is currently identifying suitable opportunities for mergers and acquisitions, the management informed its shareholders in its latest annual report. The strategic move reflects the company's vision to secure a steady supply of these critical minerals toward the Atmanirbhar mission of India. In 2022, the Ministry of Mines also created a joint venture company, Khanij Bidesh India Ltd (KABIL), with participating interest from NALCO, Hindustan Copper Ltd and Mineral Exploration Corporation Ltd (MECL). KABIL

Coal India inks MoU with Fortis Healthcare to treat thalassemic children

Fortis Healthcare has joined hands with Coal India to treat underprivileged children suffering from thalassemia under the 'Thalassemia Bal Sewa Yojana' CSR initiative of the central public sector enterprise. An MoU in this connection was signed on July 28 at the Fortis Memorial Research Institute in Gurugram, a hospital statement said. Coal India launched the 'Thalassemia Bal Sewa Yojana' in 2017 to support the treatment of underprivileged children affected by thalassemia. In 2020, aplastic anaemia was added to the programme. According to the MoU, Coal India will provide financial assistance of up to Rs 10 lakh to eligible patients for bone marrow transplants and the treatment can be done at Fortis Memorial Research Institute. The health centre has one of the largest and most comprehensive bone marrow transplant centres in India that boasts a team of nearly 20 doctors with expertise in the treatment of all kinds of blood disorders. The Bone Marrow Transplant Centre at the hospital

Coal Ministry extends last date for registration under Star Rating policy

The last date for registration of coal and lignite mines under Star Rating programme has been extended until July 25, an official statement said. The government's Star Rating policy aims to evaluate mines based on various factors across seven key parameters namely, mining operations, environment-related parameters, adoption of technologies, best mining practices, economic performance, rehabilitation & resettlement, worker-related compliance and safety & security. "Extended the last date for registration and self-evaluation for Star Rating of coal and lignite mines from 15th July to 25th July 2023, In an effort to facilitate greater participation and ensure accurate self-evaluation," the Ministry of Coal said in a statement. On May 30, 2023, a notification was issued for the registration of all coal and lignite mines for the Star Rating of the financial year 2022-23. Following this, the Star Rating portal became accessible for registration from June 1, 2023 and the response has

Coal India plans $1.5 bn industrial water transport corridor in east

Coal India, Paradip Port, the Inland Waterways Authority, the Ministry of Mines, and the Ministry of Ports, Shipping and Waterways did not immediately respond to requests for comment

Mutual funds load up on defensives in June, book profits in financials

MFs were low on deployment of funds in the equity market in June as they invested a net of Rs 5,664 crore in a rising market scenario

Coal production increased in big way from FY22-FY23; supply improved: Icra

India's coal production picked up in "a big way" during FY22 and FY23 resulting into improved availability and supply of the dry fuel, on account of various government initiatives towards the sector, Icra said. The production of Coal India grew by 12.1 per cent in FY23, the ratings agency said, adding it was the fastest growth rate registered by the state-owned miner in the past few decades. Besides enhancing output and supply, the government implemented multiple reforms to bring in greater transparency, improvement in ease of doing business, and investment attractiveness in the domestic coal and mining sectors, Jayanta Roy, Senior Vice President & Group Head Corporate Ratings, Icra, said. The government has taken various initiatives since January 2015. The policy interventions, especially with regard to the both captive and commercial coal mining have ushered in greater transparency and ease of doing business in the coal sector, he said in the Icra note. "Domestic coal ...

Meeting production target, supply to power sector top priority: Coal India

Coal India Ltd (CIL) will work on priority to meet the 780 MT production target for FY24, its new Chairman PM Prasad said on Saturday. Prasad took charge as the Chairman of the mining giant on July 1. He succeeds Pramod Agrawal, who superannuated on June 30, 2023. "Underlining his priority, the chairman said CIL would achieve the 780 million tonne (MT) output target of FY2024 with all efforts and means available at its disposal," a Coal India statement said. In FY 2022-23, CIL produced 703 MT of coal. Ensuring uninterrupted coal flow to the power sector will be another priority area, he said. In his last stint, Prasad was the chairman of CIL's Jharkhand-based arm Central Coalfields Limited (CCL). Coal India, under the Ministry of Coal, has eight subsidiaries in total. He began his CIL career in 1984 as a management trainee at Western Coalfields Limited and served in different capacities across different CIL subsidiaries. He also had a three-year stint in NTPC as Executive Direct

CIL should remain public sector entity to maintain price stability: Chair

Coal India Chairman Pramod Agrawal said on Thursday that the company should continue to remain as a "government entity" in the future to maintain "price stability" of the dry fuel in the country and suggested an alternative methodology for coal pricing in future. In an interview with PTI a day before his term ends as the head of Coal India on June 30, Agrawal said unlocking value cannot be the "sole" purpose of all enterprises. As a government-owned entity, Coal India holds the responsibility of ensuring that the benefits of coal production are distributed to the public, he said. Agrawal also pointed out that the miner's identity is synonymous with the country's energy sector, and the present structure with CIL as the apex holding company is "strong and stable". "We have seen severe price escalation in international coal prices last year. In such a scenario, private companies would have stepped up their prices as well. However, for a government agency like Coal India, such a situat

Coal India executives' body threaten to hold strike over pay conflict

A body of executives of Coal India Ltd on Sunday threatened to go on a strike unless their pay conflict with non-executive employees is addressed. The Coal Ministry has said it approved a wage revision agreement that was reached with trade unions for non-executive employees of the miner. All India Association of Coal Executives (AIACE), in a letter, to the Coal India chairman said that the new wage agreement for non-executive employees will result in a pay conflict with executives. The association demanded that executive employees must be compensated by allowing pay-protection through personal pay package to them so that their salary does not fall below the wage of workers. "We have requested Coal India to initiate appropriate needful actions immediately to provide personal pay (PP) to executives and eliminate the conflict latest by September 30, 2023. Otherwise, executives may be compelled to resort to agitation including strike, if needed afterwards," AIACE general secretary P K