Coal India (CIL) is looking for newer ways to invest its surplus into technological innovations. It plans to invest Rs 10,000-12,000 crore over the next three to four years in producing hydrocarbons from coal.
Shares of Coal India fell nearly 3 per cent on Wednesday after the company reported 14.7 per cent decline in consolidated net profit for the quarter ended June 30.After making a weak opening, the scrip further lost 2.72 per cent to Rs 321.70 on BSE.
Low price realisation from e-auctions, fuelled by depleting interest income from banks on its cash reserves, in a situation when the demand of the fossil fuel is at a low, resulted in state-owned miner Coal India posting a decline of 14.78 per cent
Owing to hefty dividend payout in the past three financial years, backed by frozen coal prices, Coal India faced a 30 per cent decline in its net worth between 2012 and 2016. During the tenure of the United Progressive Alliance (UPA-2) government, the
State-run mining major Coal India will develop solar power plants of 600 MW capacity in four states, including West Bengal and Maharashtra, under the second phase of its plan to set up a total 1,000 MW green energy plants.
Coal India is turning out to be a classic case of government milking its cash cow. Left with a few profitable public sector listed companies, government is taking away whatever it can from the biggest cash generating listed entity.
World’s largest coal miner Coal India’s hunt for coking coal is taking it overseas. The company’s subsidiary Coal Videsh is on the lookout to acquire mines in South Africa, which has huge reserves of coking coal.
Dispatch of coal by CIL to the power sector went up 1.1 per cent to 131.1 million tonnes (MT) in the April-July period of this fiscal even as the PSU workers announced to go on a nationwide day-long strike next week.
Coal India might not face production loss despite four central trade unions going ahead with a one-day strike, primarily due to a huge contractual workforce engaged in production and offtake operations.
The three 'Maharatna' public sector utilities (PSUs), NTPC, Coal India and Indian Oil, would form a special purpose vehicle (SPV) to revive three fertiliser units in UP, the Union Cabinet approved today.