Page 3 - Coal India

Given directions to Coal India to conclude wage pact: Pralhad Joshi

Coal minister Pralhad Joshi has given directions to Coal India to conclude the wage pact of its non-executive workforce at the earliest. The minister has said that all pending issues should be sorted out and emphasised that he would not allow the trade unions to go on strike on the issue. Wages of non-executive workers, who account for over 90 per cent of Coal India's (CIL) workforce, are revised every five years. Workers are seeking a 28 per cent increase in wages, while Coal India has offered a 10.5 per cent raise, according to a union leader. "Normally the agreement takes place between Coal India and labour unions... I have told management (of Coal India) to have a cordial relation with them and have a cordial meeting with them and sort out the issue. I want that whatever the issues are pending should be sorted out," Joshi told PTI. Stating that from the past five-six months the negotiations between Coal India management and trade unions on wage revision are underway, the minis

Coal India's production rises 17% to 412.6 MT in April-Nov period

State-owned CIL on Thursday said it produced 412.6 million tonnes of coal in the April-November period of the current fiscal and expressed confidence that it will surpass the the output target set for the current financial year. The PSU had produced 353.4 MT in the April-November period of the last financial year. Coal India Ltd (CIL) which accounts for over 80 per cent of domestic coal output is eyeing a production of 700 million tonnes (MT) in the current financial year. "This is achievable", said a senior official of CIL. The coal behemoth has to produce 287.4 MT of coal during the remaining four months of the current fiscal to reach its output target for the current fiscal. "With strong augmentation in production so far and overburden removal displaying robust growth that helps in faster extraction of coal in the coming months, we feel confident of surpassing the fiscal's production target. Also, during Q4 production steps up into a higher trajectory," the official added. The

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Coal India to boost production; aims to achieve FY23 output target

State-owned Coal India on Friday said it will further boost production in the coming months and is optimistic that the company will achieve the output target set for the current financial year. Coal India (CIL), which accounts for over 80 per cent of domestic coal production, is eyeing an output of 700 million tonnes (MT) for FY'23. "We began FY'23 requiring 78 MT jump in volume terms to touch the target of 700 MT. As of November 24, the company has already achieved an increase of nearly 58 MTs. "In the ensuing months we aim to sustain the tempo and further scale up the production and feel upbeat about achieving the target," the PSU said in a statement. Following the end of the monsoon season, most of the mines have been dewatered. The festive season is also over. There will be greater availability of machines and manpower leading to better production and productivity in the coming months, the company said. The PSU produced 400 million tonnes (MT) of coal as on November 24 of the

Coal India banks on South Eastern Coalfields for output in Chhattisgarh

CIL has set a target of 700 million tonnes (MT) for FY23

Coal India targets 50 MT sales through e-auction in second half of FY23

Coal India is targeting 50 million tonne sales through the e-auction route in the second half of the current fiscal, a top company official said on Wednesday. The coal behemoth had sold around 30 million tonne via e-auction in the first six months of the 2022-23 financial year. "We are targeting another 50 million tonne in e-auction sales for the year," Coal India Chairman Pramod Agrawal said on the sidelines of Global Mining Summit 2022, organised by CII here. Coal India's e-auction sales were at 108 million tonne in 2021-22. In the July-September quarter of the current fiscal, the miner had sold 10.36 million tonne of coal via e-auction, and the average realisation was Rs 6,061 per tonne. The Maharatna PSU sold 141 million tonne of the dry fuel through the fuel supply agreement in the three months that ended on September 30, 2022 with an average realisation of Rs 1,413 per tonne. During the programme, Agrawal said the Kolkata-headquartered company has been focused on evacuation

Equity MFs book gains in October winners amid Rs 6,300 cr net purchases

Coal India, HCL Tech and L&T were among the most-sold stocks by domestic funds in October even as they rallied between 10% and 16%

Coal India's capital expenditure rises 33% to Rs 7,027 crore in Apr-Sep

Coal India Ltd on Wednesday said its capital expenditure grew 33 per cent to Rs 7,027 crore in April-September FY23 as compared to the year-ago period. The company's capex in the year-ago period stood at Rs 5,300 crore. The two coal evacuation infrastructure heads - setting up of coal handling plants (CHP)/silos and railways lines - together accounted for 36 per cent or Rs 2,547 crore of the total capex in the period under review, CIL said in a statement. "Capex push is essential for long-term growth prospects. To align the increasing production with robust transportation logistics, CIL is fast-tracking the development of its coal evacuation system. This would help in handling the seamless movement of coal in future," a senior executive of the PSU said. Construction of CHPs/silos under first mile connectivity was the major capex head at Rs 1,489 crore during the six-month period of FY23, as compared to Rs 614 crore a year ago. This affirms the company's intention to put in place

How govt's tight control is slicing away Coal India's creamy layers

Larger shares of the state-owned miner's production are sold significantly below global benchmark prices, deterring global investors from participating in divestment plans

Coal India Q2 net profit zooms 106% to Rs 6,044 crore on high sales

The company's profit for the first half of the fiscal year spiked 143 per cent to Rs 14,878 crore

Coal India Q2 profit rises 106% to Rs 6,044 crore, net sales up 29%

Coal India Ltd on Monday reported a consolidated net profit of Rs 6,044 crore for the second quarter ended September 2022, a jump of 106 per cent over the corresponding quarter profit of Rs 2,932 crore registered last year. The miner registered net sales of Rs 27,538 crore for the quarter under review, a rise of 29 per cent in the same quarter of the previous year's net revenue of Rs 21,292 crore. Higher demand for coal due to global shortage has helped better auction realisations. On a sequential basis, the net profit declined from Rs 8,834 crore in the previous June quarter (Q1 FY23). The total expense during the quarter was Rs 23,770 crore while it was Rs 20,424 crore in the corresponding quarter of FY22. The dry fuel miner sold 10.36 million tonnes through e-auctions in the September quarter with an average realisation of Rs 6,061 per tonne. Regulated sales stood at 141.64 million tonnes. The raw coal production during the second quarter improved to 139.22 million tonnes as .

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Stocks to watch today: Coal India, Divi's Lab will report the July-September quarter (Q2FY23) results on Monday, November 7; SBI's net profit climbed 73.9 per cent YoY to Rs 13,265 crore in Q2FY23

South Eastern Coalfields tops in coal output among CIL subsidiaries

South Eastern Coalfields (SECL), the highest coal-producing company among the eight entities of CIL over the years, was outshined by Odisha-based Mahanadi Coalfields (MCL) in FY22

Mining & metal companies see reversal of fortune in September quarter

Profits down 91% in Q2, driven by margin contraction because sales realisation did not keep pace with rise in expenses

Coal India production increases 17% in April-October to 352 million tonnes

State-owned CIL on Tuesday said its coal production increased by 17.4 per cent to 351.9 million tonnes (MT) in the April-October period of the ongoing fiscal. The company's coal output in the corresponding period of last fiscal was 299.6 MT, Coal India Ltd (CIL) said in a filing to BSE. The coal production by the maharatna firm also increased to 52.9 MT last month, over 49.8 MT of coal production in the corresponding month of previous fiscal. The public sector enterprise also said its coal offtake during April-October went up to 385.7 MT from 364.4 MT in the year-ago period. However, in October the offtake dropped to 53.7 MT from 56.5 MT in the same month of last fiscal. The coal major did not give the reason for the drop in offtake. Coal India accounts for over 80 per cent of domestic coal output. CIL will achieve 1 billion tonnes of coal production target by 2025-26 as against the earlier timeline of 2023-24 in view of the COVID-19 pandemic, coal minister Pralhad Joshi had earl

Coal India powers productivity spurt, but can it sustain the pace?

The furious pace of production has helped prevent the blackouts of last year but there are questions over whether the state-owned miner can sustain the pace

Centre to soon waive compensation cess on coal gasification: Report

After the removal of cess, the cost of producing methanol is expected to come down by Rs 800-900 per million tonnes

Coal India subsidiaries need to achieve annual targets: Pralhad Joshi

Union Coal Minister Pralhad Joshi on Thursday said to meet the coal requirements of the country, it is necessary that all subsidiaries of Coal India Ltd (CIL) achieve their annual targets. Joshi visited Western Coalfields Ltd headquarters in Nagpur and attended various programmes, said a press release issued by WCL. Western Coalfields Ltd (WCL) is one of the eight subsidiary companies of CIL, a central PSU. The minister also presided over a review meeting and took stock of the production, productivity and coal dispatch status of WCL, said the release. Chairman-cum-Managing Director of WCL Manoj Kumar briefed the minister on coal mining activities and assured the company would achieve the production target by the year-end. In order to meet the coal requirements of the country, it is necessary that all CIL subsidiaries achieve their annual targets, the release quoted Joshi as saying. He said to make the country self-reliant in the coal sector, it is necessary to strengthen the ...

Gencos procure 5.8% of total order value from Coal India's import tenders

CoalMin confident that domestic supply will meet festive season's power demand

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