The recent surge in international coal prices and pet coke may prove to be a boon for Coal India as it can now expect increased sales, particularly of the higher coal grades, to both the thermal and non-thermal consumers.

Imported coal prices, late June onwards, surged by over 30%. This month, imported coal of 6,000 GCV (gross calorific value) costs about $ 65 or Rs. 4348 a tonne on an average while pet coke surged by 73%. During January, pet coke was priced at $ 53 a tonne which has now increased to $ 92 or Rs. 6153 a tonne.

KOLKATA: Coal India is on a recruitment binge. The state-run miner has decided to hire 4,500 fresh graduates from IITs and NITs to the management cadre in the next three years beginning next month. It will also recruit an additional 40,000 workmen at the same time.

"We will recruit management officials from campuses — mostly from IITs and NITs. Requirement for the year is about 1,000 and 3,500 over the next three years," said R Mohan Das, the director-personal at Coal India.

State-owned CIL is looking at entering into a pact with a South African government miner to jointly acquire coal mines in that country.

"Coal India Ltd (CIL) is further considering signing of an MoU with a mining company owned by the government of South Africa to jointly undertake identification, acquisition and operation of coal assets in South Africa," Power and Coal Minister Piyush Goyal informed the Lok Sabha.

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.

These include two closed urea units of Fertilizer Corporation India (FCIL) at Sindri (Jharkhand) and Gorakhpur (Uttar Pradesh) and Barauni (Bihar) unit of Hindustan Fertilizers (HFCL).

Coal India Limited (CIL) stock fell 1.41% on Tuesday in an otherwise strong market after the state-owned miner said on Monday it would buy back 10.89 crore shares worth `3,650 crore.

Market watchers said the cash on the company’s books could have been put to better use given the biggest beneficiary of the buyback will be the government which holds 79.6% in the firm.

Coal India has lost almost 2% to Rs 314.30 on the BSE after the company said its board approved buyback of shares at a price of Rs 335 per share.

The announcement was made after market hours yesterday, 11 July 2016. On BSE, so far 1.24 lakh shares were traded in the counter as against average daily volume of 3.73 lakh shares in the past two weeks.

Calcutta, July 10: The coal ministry has estimated an almost 30 per cent jump in plan outlay for the three PSUs under its fold in 2016-17.

The total plan outlay for Coal India (CIL), Neyveli Lignite and Singareni Collieries for 2016-17 is Rs 16,343.92 crore against a budget estimate of Rs 12,585.50 crore in 2015-16.

Soon after filling up its coffers by offloading the shares of its subsidiaries, Coal India is set to make the government richer.

The state-owned mining major has decided to go for buyback of its shares and a meeting of the Board of directors has been convened on July 11 to take a final call, Coal India said on Tuesday.

Aggrieved with the Centre and Coal India (CIL) for not making a headway in forming a Joint Bipartite Committee for Coal Industry (JBCCI), which will negotiate with the workers over a salary hike, the five central trade unions are thinking of resorting to “industrial action”, in case JBCCI doesn’t take shape by July 15.

This committee was supposed to be formed by the end of June when the ninth National Coal Wage Agreement (NCWA) elapsed.

Coal India has agreed to part with nearly Rs 6,000 crore from its cash reserves of over Rs 38,000 crore for a share buy-back mooted by the finance ministry after ensuring that its capex plans to up production would not be impacted.

Officials in the company said, so far, four of its subsidies has agreed to a share buy-back.

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