Coal India subsidiaries have finally issued electronic letters of intent for supplies of 27 million tonnes of coal annually for 25 years to 10 companies that won them through an e-auction on discounts offered over their existing tariffs.

It is expected to soon fire up 9,000 MW of thermal capacity that has been languishing due to want of coal while consumers can save close to Rs 126 crore every year.

Former Jharkhand chief minister Madhu Koda and ex-coal secretary H C Gupta were today sentenced to three years imprisonment by a special court here in a case of coal block allocation scam.

Besides the jail term, the special court also imposed a fine of Rs 25 lakh on Koda and Rs one lakh on Gupta.

KOLKATA: State-run Coal India is expected to report a 23% year-onyear jump in revenue from e-auctions for the April-December period, boosted by better margins as China's rising demand and lower supply from Indonesia tightened global supply.

Company executives have pegged the nine-month revenue from eauctions at Rs 12,000 crore, saying it will help Coal India meet higher costs, particularly the Rs 5,600 crore extra outgo on account of a 20% hike in workers' salaries.

Coal offtake by Mahanadi Coalfields (MCL), a Coal India (CIL) subsidiary, has fallen short of the target by five per cent during April-November of the current financial year. MCL is amongst the three CIL subsidiaries where coal offtake failed to meet the targeted figure.

Although CIL's overall coal despatches at the end of November grew eight per cent, MCL is the second-largest subsidiary in terms of coal production volume after South Eastern Coalfields (SECL).

Coal India reported 5% y-o-y growth in dispatches for the month of November 2017, a drop from the strong-double digit growth of the preceding few months as the favorable-base effect catches up. A demand-supply mismatch and lower inventories led to sharp improvement in supply to the power sector, as well as reflected in improvement in e-auction premiums for October 2017. Maintain REDUCE rating with target price of Rs 255/share.

New Delhi: Coal India Ltd’s production and shipments in November rose to the most for the month in at least five years, as power plants procured more coal to boost inventories.

The Kolkata-based miner’s output has increased year-on-year for the past four months following a reduction in its own stockpiles and a surge in demand from power plants, its biggest customers.

State-owned Coal India is considering hiking salary of its executives, which may cost the company about Rs 800 crore.

“The salary revision of CIL employees is under consideration and it will be done after observing due formalities,” a company official privy to the development said.

Days after Coal India revised the wages in the company, its employees are protesting against the disparity of wage structure in Coal India with other public sector utilities. The employees have also alleged that the executive staff has increased its salary at par with other ‘Maharatna PSUs’ such as ONGC but that of non-executive staff continues to be low.

Senior officials in Coal India said the “young employees are urging their colleagues to raise the concern over low wages as it will impact their future growth.”

KOLKATA: Coal India is considering raising prices to meet the cost of the 20% wage hike. It last raised prices by 10% in May last year.

“Unless coal prices are hiked it would be very difficult to attain a decent profit this fiscal,” a senior company executive said.

KOLKATA: Coal India is talking to the railways to increase rake loading from an average of 216 so far since April to 250 by the end of the fiscal year, as it seeks to meet increased demand with both power and non-power sectors facing a short-supply of the dry fuel.

At present, the state-run monopoly has been focusing on supplying coal to the power sector, which is struggling with dwindling stocks and falling generation at many plants.

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