Led by increased prices of coal amid lower provisioning for future expenses, Coal India posted a 50 per cent increase in its net profit at Rs 4,566.74 crore for the quarter ended December 31, 2018, beating Street estimates. The company's net income grew 12.58 per cent to Rs 23,385.43 crore, despite the firm offering lower quantity at e-auctions.
Indian government subsidies for fossil fuels, including oil and gas, have decreased by 76% over the three years to 2017, but subsidies for the coal industry have remained stable over the same period, a new study by think-tank International Institute for Sustainable Development (IISD), has found.
India, the world’s second largest consumer of coal and the fourth largest emitter of carbon dioxide, accounts for 7% of global emissions and continues to subsidise the loss-making, polluting coal industry.
Mining behemoth Coal India (CIL) has put the process of procuring various types and sizes of high capacity heavy earth moving machinery (HEMM) on the fast track to press these into operation in its open cast mines as soon as possible. This move would bolster CIL’s production on the back of an investment of above Rs 7,000 crores. This would be made out of the company’s Capex kitty, a CIL statement said.
While power plants across the country are set to step up generation in view of the surge in electricity demand due to the upcoming general elections, dispatches of coal from the mines of Coal India (CIL) has fallen for the second straight month in January. The state-owned behemoth supplied 52.8 MT and 52.4 MT of the fuel in December and January, recording annual declines of 1.2 percent and 2.3 percent , respectively.
With a big shortfall in indirect tax revenue — the collections in April-November were hardly 2% higher than the year-ago period versus FY19 growth estimate of 22% — the Centre has asked a clutch of central PSUs to speed up their planned share buybacks, a mechanism via which it wants to net upwards of Rs 12,000 crore this fiscal.
The delay in timely completion of Coal India projects worth Rs 11,000 crores is a matter of concern, not just because it aggravates the coal shortage but also leads to increasing project costs. India, for instance, imports over 200 million tonnes of coal a year, with a huge outgo of foreign exchange. It’s a Catch-22 situation, because while India has a lot of coal resources, other issues like getting environmental clearances and land acquisition, among other things, are monumental hurdles.
Digital technologies are transforming our world. Enterprises are adopting data-driven decision making models, while customers are communicating via mobile and social media platforms. In India too, we are seeing rapid adoption of mobile Internet, cloud technology, digital payments, digital identity, etc.
While private sector enterprises are at the forefront of this digital transformation, the good news is some of the state-owned entities are going full throttle to transition into this ‘Digital world’.
While the country is being forced to import coal and domestic power plants run on low stocks, Coal India Ltd (CIL) has been able to spend just 30% of its capital expenditure plans for the year till November, report submitted by the company to the coal ministry shows.
The finance ministry has questioned the key proposals in a cabinet note moved by the coal ministry that seek to promote investor interest in captive coal mines, the latest round of auction for which have come a cropper. In a draft cabinet note prepared in this connection, the coal ministry had proposed allowing the bidders for captive coal mines to sell up to 25% of the production in the open market, without any premium chargeable on such sales.
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