Coal India Limited

Coal unions warn of 'non-cooperation' drive on CIL divestment

CIL divestmentNew Delhi: Irked by the government's 10 percent stake sale in Coal India Ltd (CIL), trade unions have warned of a 'non-cooperation drive' to protest against the disinvestment and other issues.

A decision in this regard would be taken by the central trade unions of coal industry during a meeting expected to be called in a couple of days, a senior union leader said.

"We may launch a non-cooperation drive later to protest against CIL disinvestment," INTUC-affiliate Indian National Mine Workers' Federation (INMF) Secretary General S Q Zama told PTI. He, however, did not divulge further details.

CIL stake sale today; government eyes Rs 22,600 cr

CIL stakeNew Delhi/Kolkata: In the biggest ever share sale, government will offer Coal India shares at a floor price of Rs 358 a piece on Friday for divestment of up to 10 percent stake in the state-run behemoth for an estimated Rs 22,600 crore, even as trade unions warned of strike against the move.

The floor price was fixed on Thursday at a discount of about 5 percent from the current market price of Coal India (CIL), where the government presently holds nearly 90 percent stake.

Top 8 Sensex companies add Rs 62,074.5 cr in m-cap; Infosys, CIL shine

New Delhi - The combined market valuation of top eight Sensex companies surged by Rs 62,074.5 crore in the week gone by, with Infosys, Coal India and HDFC Bank emerging as the star performers.

Except TCS and ITC, rest of the eight companies, including ONGC, RIL, SBI, ICICI Bank and HUL saw a rise in their market capitalisation (m-cap).

The market valuation of Infosys zoomed by Rs 11,473.24 crore to Rs 2,54,277.52 crore.

CIL's value soared by Rs 10,106.18 crore to Rs 2,48,801.59 crore and HDFC Bank added Rs 10,008.07 crore to Rs 2,52,111.44 crore.

S Bhattacharya appointed CMD of Coal India

New Delhi - Senior IAS officer S Bhattacharya has been appointed as the Chairman and Managing Director of Coal India Ltd (CIL).

The coal major was without a full time chief for the past six months.

"The Appointments Committee of the Cabinet had a couple of days back cleared Bhattacharya for the top job," an official said adding that "the order for his appointment has been made."

The PESB had last month recommended the name of S Bhattacharya, a 1985 batch IAS officer, for the post of Chairman and Managing Director of Coal India Ltd, the world's largest miner.

Top 4 Sensex firms lose Rs 39,391 cr in market valuation

ongcNew Delhi: Four of the top-10 Sensex firms suffered a combined loss of Rs 39,391.49 crore from their market valuation last week, with state-run ONGC taking the steepest hit.

While ONGC, RIL, CIL and SBI suffered losses in their market capitalisation (m-cap), TCS, ITC, Infosys, HDFC Bank, ICICI Bank and Sun Pharma on the other together added Rs 26,758.27 crore in their valuation.

The m-cap of ONGC declined by Rs 20,661.51 crore to Rs 3,46,497.35 crore, while that of Coal India tumbled Rs 7,642.8 crore to Rs 2,18,451.46 crore.

RIL's value fell by Rs 6,824.25 crore to Rs 3,21,677.70 crore and SBI lost Rs 4,262.93 crore to Rs 1,91,757.30 crore.

Govt defers decision on ONGC, CIL, NHPC stake sale

Govt defers decision on ONGC, CIL, NHPC stake saleNew Delhi - The government on Wednesday deferred a decision on its stake sale in three PSUs -- ONGC, Coal India and NHPC as Finance Minister Arun Jaitley was not in town.

The Cabinet Committee on Economic Affairs did not take up the disinvestment proposals as the minister concerned was not present, Law Minister Ravi Shankar Prasad told reporters here after the CCEA meeting.

As per estimates, disinvestment in the three PSUs could yield the exchequer over Rs 40,000 crore, enough to meet the target for the current fiscal.

Coal India misses output target in July

Coal-IndiaNew Delhi: State-owned Coal India (CIL) achieved an output of 33.1 million tonnes (MT) in July as against the target of 35.80 MT.

The development comes at a time when the Maharatna firm is drawing flak from across the quarters for missing its output targets.

In the first four months of the current fiscal, the company's production was 141.34 MT, while the target for the period was 148.81 MT, the company said in a filing to the BSE.

The company's offtake in July stood at 38.04 MT, missing its target of 40.48 MT. Its offtake in April-July period was 157.59 MT, against the target of 171.43 MT.

Coal India yet to sign fuel supply pacts with 12 power units

Coal-IndiaNew Delhi: State-owned Coal India (CIL) is yet to enter into fuel supply pacts with 12 power units as issues like change in ownership and extension of coal supplies are still being examined by the government.

"Out of this 78,000 MW capacity as on date CIL has signed 160 FSAs (Fuel Supply Agreements) for a capacity of 73,075 MW. "In the remaining 12 cases, some issues related to change of ownership, extension of coal supplies, beyond the period admissible under Tapering Linkage Policy, etc, are involved," said the minutes of meeting dated July 24 of Standing Linkage Committee on Power.

CIL proposes changes in model document for mine developers

Coal-India-LtdNew Delhi: State-owned Coal India Ltd (CIL) has proposed significant changes in model document for engaging Mine Developers and Operators.

The model concession agreement for MDOs in CIL is being finalised by the government.

The changes proposed by CIL include deletion of the provision for assigning of agreement in certain circumstances through a substitution agreement, an official document said.

The differentiation between allocation of costs on account of force majeure, 'prior to' or 'after' the appointed date, has been removed, it said.

KPMG submits final draft on CIL mines modernisation

KPMG submits final draft on CIL mines modernisationNew Delhi: Consultancy firm KPMG Advisory Service, which was given the task to take up the study for technology development and modernisation of Coal India mines, has submitted the final draft of its report to CIL.

"The consultant submitted the draft final report on April 29 and the same was circulated to all the subsidiaries of CIL," according to an official document of last week.

The consultant had submitted the 'draft composite report' in March, which was circulated to all the subsidiaries of CIL.

Coal India Q4 net profit drops 18 percent

Coal-India-LtdKolkata, May 29 : State miner Coal India (CIL) Thursday posted an 18 percent drop in consolidated net profit at Rs. 4,434.19 crore for the fourth quarter ended March, as compared to that of Rs. 5,413.91 crore in the same quarter of fiscal 2013.

The world's largest miner ascribed the fall to a write-off caused by a dispute with state-run generator NTPC on the quality of coal supplied.

CIL’s tender for coal import elicits single bid from MMTC

CIL’s tender for coal import elicits single bid from MMTCState-run miner Coal India Ltd's (CIL's) tender for coal import contract, which was floated at the start of this year, has received a single bid from MMTC.

Requesting anonymity, an official from the miner said the single bid received from MMTC for importing coal from foreign markets to meet supply agreements with power plants was under evaluation.

However, the official declined to comment on the proposed quantity of coal imports for the current financial year. The miner aims to finalise the bid by next month.

Coal India officers' three-day strike from Thursday

Coal-India-Officers-StrikeNew Delhi, March 12 : State miner Coal India Limited's (CIL) officers will go on a three-day strike from Thursday over their demands, that include performance-related pay and a new pension scheme.

"Coal Mines officers' Association of India has served a strike notice against non-finalisation of performance-related pay, new pension scheme and other demands," the company said in a filing Wednesday to the Bombay Stock Exchange (BSE).

CIL issues re-tender for import of coal contract

CILAfter failing to get a response during its first attempt to find a vendor for coal import contract, Coal India Ltd (CIL) has issued a re-tender for import of coal with some modifications.

CIL, the country's biggest miner of coal, made modifications in the tender in a bid to receive a better response from prospective vendors. The tender will likely open in first week of this month.

CIL Director (marketing) Bipin Kumar Saxena said, "We have issued re-tender for the coal import contract with some modifications. The tender is likely to open in first week of this month. We are hopeful of receiving interest from prospective vendors."

Tribunal suspends Rs.1773 crore fine on Coal India

Coal-IndiaNew Delhi, Feb 26 : The Competition Appellate Tribunal (Compat) Wednesday suspended the penalty of Rs. 1,773 crore imposed by the fair trade watchdog on state miner Coal India (CIL) for abusing its market dominance.

Compat, which disposes appeals against orders passed by the Competition Commission of India (CCI), ordered the suspension would be subject to CIL depositing Rs. 50 crore in three weeks’ time. The matter has been slated for hearing next on March 13.

Sans rail link, Coal India has blocks lying idle

Coal-IndiaNew Delhi, Feb 20 : State-miner Coal India (CIL) has three to four fully developed large-size coal blocks ready for production lying idle for lack of railway linkages for coal evacuation.

The news, given by a representative of the thermal power sector hit by fuel shortages, comes in the backdrop of coal block de-allocations being undertaken by the coal ministry.

Govt. shelves Coal India restructuring plan

Govt. shelves Coal India restructuring plan The plan for restructuring Coal India Ltd (CIL), on which the government has already done some ground work, has been shelved for the time being, Coal Minister Sriprakash Jaiswal confirmed on Thursday.

Jaiswal said the government shelved the plan for the time being because at the moment there was no requirement for restructuring the miner.

Confirming the development, he said, "We might not restructure Coal India because as of now there is no requirement for restructuring the company. Coal India has given 290% dividend this year (2013-14) and government is happy."

Coal India jumps over 5% on special dividend announcement

Coal India jumps over 5% on special dividend announcementCoal India shares gained more than 5 per cent to hit a two-month high in early trade on Wednesday, thanks to the announcement of an interim dividend by the company.

The state-run miner on Tuesday announced that it would pay shareholders a special dividend of Rs 29 per share in the current financial year.  The special dividend will be paid from 25th of January.

Plan panel drafting model accord for Coal India

Coal-IndiaNew Delhi, Dec 18 : In a move to increase domestic coal production, the Planning Commission is preparing a model concession agreement for state miner Coal India (CIL) to engage mine developer cum operators (MDOs), the coal ministry said Thursday.

"The Planning Commission in consultation with all the stakeholders, including Ministry of Coal and Coal India Ltd., is in the process of finalising a model concession agreement for engagement of MDOs in CIL," Minister of State for Coal Pratik Prakashbapu Patil said in a written reply to parliament.

Coal India fined Rs.1,773 crore for abusing market dominance

Coal-IndiaNew Delhi, Dec 10 : Fair practice watchdog Competition Commission of India (CCI) has penalised state miner Coal India Rs. 1,773.05 crore for abusing its dominant position, the corporate affairs ministry said Tuesday.

According to a release here, the final order was passed Monday on a batch of complaints filed by Maharashtra State Power Generation Co. (MAHAGENCO) and Gujarat State Electricity Corp (GSEC) against CIL and its subsidiaries Mahanadi Coalfields, Western Coalfields and South Eastern Coalfields.

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