Page 13 - Coal India

Coal India Ltd shares slumps nearly 2% as Q4 profit drops to 17.7%

Shares of Coal India Ltd ended nearly 2 per cent lower on Monday after the company reported a 17.7 per cent drop in its March quarter net profit. The stock dipped 1.87 per cent to settle at Rs 232.90 apiece on the BSE. During the day, it declined 3 per cent to Rs 230. On the NSE, it fell 1.83 per cent to finish at Rs 233.05 per share. In terms of volume, 3.73 lakh shares of the firm were traded on the BSE and over 97.11 lakh shares on the NSE during the day. Coal India Ltd, the world's largest coal miner, on Sunday reported a 17.7 per cent drop in its March quarter net profit on higher provision made for wage revision of employees. The company reported a consolidated net profit of Rs 5,527.62 crore, or Rs 8.98 per share, in the January-March quarter as compared to Rs 6,715 crore, or Rs 10.86 a share earning in the same period a year back, according to the company's filing with stock exchanges. The company said salaries for non-executives are due for revision from July 1, 2021 and

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Coal India down 3% as Q4 net drops on higher wages; analysts remain divided

Coal India set aside a provision of Rs 5,870.16 crore towards wages

Coal India Q4 profit drops 18% on wage bill; record net profit in FY23

Coal India Ltd, the world's largest coal miner, on Sunday reported 17.7 per cent drop in its March quarter net profit on higher provision made for wage revision of employees. Consolidated net profit of Rs 5,527.62 crore, or Rs 8.98 per share, in January-March is compared with Rs 6,715 crore, or Rs 10.86 a share earning in the same period a year back, according to the company's filing with stock exchanges. The decline in profit in the fourth quarter of 2022-23 (April 2022 to March 2023) was despite coal production and dispatches to users. The company said salaries for non-executives are due for revision from July 1, 2021 and pending finalisation of a wage agreement with unions, a provision of Rs 5,870.16 crore has been made in the quarter. This is compared with Rs 475.28 crore provision in January-March 2022. For the full 2022-23 fiscal, Coal India made a provision of Rs 8,152.75 crore as against Rs 1,080.97 crore provided in the previous 2021-22 financial year. Coal production ros

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PESB recommends PM Prasad for Chairman, Managing Director of Coal India

The Public Enterprises Selection Board (PESB) has recommended the name of P M Prasad for the post of Chairman and Managing Director of Coal India Limited, an official said on Wednesday. Prasad is currently the chairman cum managing director of the Ranchi-based CIL arm - Central Coalfields Ltd (CCL). The PESB on Wednesday recommended Polavarapu Mallikharjuna Prasad's name for the post of CIL chairman and managing director, the official said. Prasad was among seven officials interviewed for the post, as per minutes of the PESB meeting. Those interviewed for the post included Ambika Prasad Panda, CMD Eastern Coalfields Ltd (ECL), Manoj Prasad, CMD, Central Mine Planning and Design Institute (CMPDIL), Amitava Mukherjee, Director (Finance), NMDC, Prabhu Dayal Chirania, Senior GM, BSNL, Ashok Burnwal, IAS and Alok Singh, IRS. Coal Ministry has set an ambitious roadmap for 2023-24 that covers a variety of areas including a total coal production target of 1012 MT. Prasad joined as Centra

Trials for Coal India's in-house e-auction platform to begin in May

Trials for Coal India's in-house e-auction platform will begin in May, a senior official said on Thursday. At present, the e-auctions are conducted through external agencies such as MSTC Ltd and mjunction Ltd. Within the next three-four months, all e-auctions of the state-owned Coal India will move to the in-house platform, which has been developed by the National Informatics Centre (NIC) with the assistance of Central Mine Planning & Design Institute, the official said. "We expect to begin trials of the in-house platform in the first or second week of May with the e-auction of coal from Central Coalfields Ltd. The next one will be Bharat Coking Coal Ltd (BCCL) in the second phase of the trials," a senior Coal India official said. The total coal sold via e-auction per year is around 100 million tonne or about 15 per cent of the production, while the rest is sold through linkages. Coal India fetches a significantly higher price on the coal sold through e-auction, he said. In ...

Coal India needs to raise prices, but caught between political constraints

The state-owned miner needs to raise prices but it is caught between the political constraints on its major buyer, electricity producers and close decision-making control by the coal and power

Coal production rises by 12% to 107.84 mn tonnes in March 2023: Ministry

At the same time, coal dispatches increased by 7.49 per cent to 83.18 million tonnes from 77.38 million tonnes during March 2023 as compared to March 2022

CCL registers record output at 76.09 mt in FY'23, logs 11% growth

Central Coalfields Limited (CCL), a Coal India subsidiary, has posted a record output of 76.09 million tonne (MT) in 2022-23 fiscal, registering 11 per cent growth over the previous fiscal's production of 68.85 million tonne. The target for the fiscal, which ended on Friday, had been fixed at 76 mt. "This is for the first time since 2018-19 when target was not only achieved but it surpassed too," CCL chairman-cum-managing director PM Prasad. Speaking to media persons here on Saturday, he said that the production target for the current fiscal of 2023-24 is 84 million tonne. The Jharkhand-based CIL arm also achieved a record off-take at 75.03 mt during the last financial year, with an increase of 4.5 per cent against 71.8 mt achieved in fiscal 2021-22. "The company's overburden removal (OBR) rose to historic high at 107 million cubic metres (MCuM) in 2022-23 with growth of 7 per cent against 100.1 MCuM in 2021-22," he said. Dispatch to power sector surged by 8.8 per cent from 59.2 m

State-owned Coal India eyes digital transformation of mining operations

State-owned CIL on Friday said it has conceptualised a mega digital transformation programme to "reimagine" its mining operations. The move will help achieve the target of 1 billion tonnes (BT) of coal production by FY26. The coal behemoth launched the 'Project Digicoal' and a 'Digital War-Room' to monitor and assist this project at its headquarter in Kolkata. This project will help Coal India's (CIL) mining operations become future ready using advanced digital solutions, the public-sector unit said in a statement. "With the launch, the project went live in seven coal mines of CIL encompassing Gevra, Dipka and Kusmunda mines in SECL and Nigahi, Jayant, Dudhichua and Khadia mines in NCL," it said. CIL has roped in Accenture as its consultant to design and implement the project. "Launch of 'Project Digicoal' is an important milestone of digitalisation in CIL. This project will help make the processes efficient," CIL Chairman Pramod Agrawal said while launching the project. "The pr

Coal India's production touches all-time high of 700 million tonnes

Volume surpasses CIL's own output target, is up 12% over last year's figure

More upsides ahead for CIL; conflicting views may leave investors confused

While Street is divided, positives include robust demand, e-auction volumes

Coal India has strong case to increase prices, talks on: CMD Agrawal

Miner needs to be 'adequately compensated'; stakeholders being consulted before a decision

Power producers owe Rs 16,629.41 cr to Coal India for fuel supplies: Govt

Outstanding dues payable by power producers to Coal India for fuel supplies have increased by Rs 3,293.50 crore to Rs 16,629.41 crore since March 31, 2022, Parliament was informed on Monday. "The outstanding dues payable by power sector for the coal sales by Coal India Ltd (CIL)" were Rs 13,335.91 crore as of March 31 last year, Coal Minister Pralhad Joshi said in a written reply to the Rajya Sabha. The figures are provisional. Further, the minister said that increase in outstanding dues of the coal mining PSUs impacts the working capital and cash flow position of the coal company. CIL, which accounts for over 80 per cent of domestic coal production, is a major supplier of dry fuel to electricity generating plants. Amid the early onset of summer and a pick-up in industrial demand for electricity, CIL had last week said that it is geared up to meet the demand for dry fuel from the power sector. The public sector coal producer had also expressed its hope to supply 156 million tonne

Here's why Vinay Rajani of HDFC Sec suggests to buy Zydus Life, Coal India

Among individual stocks, the technical & derivative analyst from HDFC Securities recommends to buy Zydus Life and Coal India

South Eastern Coalfields joins 150-mt coal production club in FY23

In the past three years, SECL's coal production has decreased

Power equations

Coal shortfall poses fresh challenges for the economy

Cess on public sector coal production set to rise to fund pension corpus

Financial mismanagement of the pension scheme has depleted corpus meant for pensioners of public sector mines

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