Coal India seeks coal price hike
Navratna PSU Coal India today sought a hike in coal prices on the back of a decline in its retained earnings.
"Coal India has reported a sharp drop in retained earnings because of wage built annual impact. A profit of Rs 300 crore on a turnover of Rs 45,000 crore is low. We see the scope for moderate increase in coal prices," Coal India CMD P S Bhattacharya told reporters here.
He further said there is no shortage of coal for the thermal power plants.
Retained earnings are that percentage of net earnings of a company that is not paid out as dividends but is retained by the company to be reinvested for the growth of the business, like investing in machinery etc.