Page 12 - Coal India

Coal India OFS retail book subscribed 1.4x a day after QIP garnered 1.6x

Bulk of bids came at around Rs 226 against base price of Rs 225, in first major disinvestment in FY24

Coal India share sale over-subscribed, govt to get more than Rs 4,000 crore

The Coal India share sale was over-subscribed by both retail and institutional investors and the government is expected to get more than Rs 4,000 crore. In the two-day offer for sale (OFS), the government sold its 18.48 crore shares or 3 per cent stake in Coal India at a floor price of Rs 225 apiece. At the floor price, the stake sale would fetch over Rs 4,000 crore to the exchequer. Institutional investors had on Thursday put in bids for over 28.76 crore share, while retail buyers on Friday bid for over 2.58 crore shares of Coal India. Institutional bidders on Friday put in bids for 5.12 crore shares. Coal India OFS is the maiden government stake sale of a public sector undertaking in the current fiscal. The government currently holds 66.13 per cent in CIL. The stake sale in Coal India will help the government inch towards the Rs 51,000-crore disinvestment target set for the current fiscal. Shares of Coal India settled for the day at Rs 230.90 apiece on the BSE, up 0.15 per cen

Coal India offer for sale: Institutional part subscribed 1.6 times

Rs 4,160-cr OFS sees bids worth Rs 6,500 cr, stock falls

Coal India's production rises to a record high of 60 million tonnes in May

CIL's growth in May 2023, in volume and percentage terms came on the back of a very high base

Sensex ends 194 pts lower owing to late selling; Broader indices outperform

CLOSING BELL ON JUNE 01, 2023: The NSE Nifty 50 settled with a loss of 47 points below the 18,500-mark. Overall market breadth was fairly positive.

Coal India slips 5% as government begins partial stake sale via OFS

The floor price for the stake sale has been set at Rs 225 a share, which represents a discount of around 7 per cent from the closing price of Rs 241.2 on Wednesday

Stocks to watch: Coal India, Mankind Pharma, EID Parry, India Pesticides

Stocks to watch on June 1, 2023: From Coal India to Mankind Pharma, here are top stocks to watch in Thursday's trading session

Top Headlines: Adani to raise $3.5 bn, Centre to sell stake in Coal India

Business Standard brings you top news at this hour

Coal India's long-term prospects remain healthy; analysts positive on stock

Investors may use any OFS-led decline in stock price to accumulate its shares

Centre proposes to sell 3% stake in Coal India via OFS, eyes Rs 4,162 cr

In the last quarter, a spike in share price owing to high coal demand helped CIL achieve its production target

Government proposes to sell up to 3% stake in Coal India on June 1

The government on Wednesday proposed to sell up to three per cent stake in Coal India Ltd through the offer for sale route from June 1. The Offer for Sale (OFS) will be open for retail and non-retail investors on June 1 and 2. The proposal is to offload 9.24 crore shares amounting to a stake of 1.5 per cent in the coal producer. Besides, there will be a green shoe option for selling an equal amount of stake in case of over subscription, according to a regulatory filing. At the closing price of Rs 241.20 apiece on BSE on Wednesday, the sale of 3 per cent stake in Coal India would be worth around Rs 4,400 crore. "The seller proposes to sell up to 9,24,40,924 equity shares of face value of Rs 10 each of the company (representing 1.50 per cent of the total paid-up equity share capital of the company) (base offer size), on June 1st and 2nd for retail investors and non retail investors," the filing said. There will be an option to additionally sell 9,24,40,924 (1.50 per cent) equity .

Sensex slips 347 pts on profit-taking, Nifty holds 18,500; RIL, SBI dip 2%

Stock market live updates: At 7:15, the SGX Nifty futures were down around 30 points at 18,680

CIL hikes non-coking coal prices by 8%; expects Rs 2,703 crore revenue

Coal India Ltd (CIL) on Tuesday said it has increased prices of non-coking coal by 8 per cent. The prices will come into effect from Wednesday, the miner said in a regulatory filing. "The Board has approved a price increase of 8 per cent over the existing notified prices for high-grade coal of grade G2 to G10. This will be applicable to all subsidiaries, including NEC, for regulated and non-regulated sectors," CIL said. The board of directors of the company approved the revision in the prices of non-coking coal with effect from 00:00 hours of May 31, 2023, it said. Following this revision, CIL is expecting to earn incremental revenue of Rs 2,703 crore for the balance period of the financial year 2023-24. Thermal coal is a non-coking coal used by power plants to generate electricity. A rise in its prices impacts the power generation cost. Coal India, under the Ministry of Coal, is the largest coal producer in India. As per official data, in April 2022, the country's overall coal

India Inc's dividend payout rises 26% to Rs 3.26 trillion in 2022-23

The dividend per share recommended by the top three corporations was more than double that of the previous year, with TCS again at the top of the list

Workers stuck in vicious cycle of coal, heat to keep power grid standing

To cope with increasingly brutal temperatures, India has to keep its power grid standing- and for now that means digging up ever expanding quantities of the dirtiest fossil fuel

Coal India agrees on 25% hike in allowances for non-executive workers

State-owned Coal India Ltd (CIL) on Monday said it has reached an agreement with its 2.38 lakh strong non-executive workers over the revision of wages. Under the agreement reached, a 19 per cent minimum guaranteed benefit from July 1, 2021, on emoluments (basic, VDA, SDA & attendance bonus) and a 25 per cent increase in allowances have been granted, Coal India said in a filing to exchanges. "The Joint Bipartite Committee for the Coal Industry (JBCCI)-XI consisting of representatives of CIL management, Singareni Collieries Company Limited (SCCL), five central trade unions i.e. BMS, HMS, AITUC, CITU and Indian National Mine Workers' Federation (INMF) on May 20, 2023, recommended and inked National Coal Wage Agreement (NCWA)-XI for the period of five years w.e.f. 01.07.2021," the miner said. Around 2.81 lakh employees of CIL & SCCL who were on the rolls of the company as on July 1, 2021, would be the beneficiaries post-implementation of the agreement. Further, CIL has made a ...

Centre plans to make Chhattisgarh's Gevra Asia's largest coal mine

The Gevra Mega project is currently the largest coal-producing mine in India and is in second position in the Asia-pacific region

Coal India to phase out mining equipment imports that costs Rs 4,500 cr

In a boost to domestic manufacturing of earth-moving equipment used in mines, Coal India Ltd has decided to phase out imports over a period of 5-6 years, the Coal Ministry said on Monday.

State-owned Coal India expects to conclude wage agreement within a month

State-owned Coal India Ltd (CIL) on Wednesday said it is expecting to conclude the wage agreement (NCWA-XI) within a month, which would benefit its 2.38 lakh strong non-executive workers. Wages of the non-executive workers, which account for 94 per cent of Coal India's workforce, are revised every five years. The hike is due from July 2021. In 2017, CIL signed a wage agreement with worker unions proposing a 20 per cent hike in salaries for five years. In a statement, CIL said, "It is hoping to conclude the eleventh version of the national coal wage agreement (NCWA-XI), within a month, benefitting its 2.38 lakh strong non-executive manpower. The next round of talks is scheduled on May 19, 2023." The company further said that the proposal has had a "telling effect" on its profit after tax (PAT) in the fourth quarter of FY23 and excluding the provision on wage cost due to NCWA-XI, the company's PAT during January-March FY23 would have been around Rs 9,920 crores, an all-time high for a

Digging deeper: Coal India's 1-bn tonne target to spur mining in states

Just transition goals, ecological challenges in contrast to mining plans