Hyderabad-based Midwest Ltd has become the first Indian private company to secure overseas critical mineral mines, sealing a deal with Indonesia's state-run PT Perusahaan Mineral Nasional (PERMINAS) to ensure a long-term supply of rare earths.
Bharat Coking Coal Ltd (BCCL) has suspended coal mining and dispatch operations at its ABOCP mine in Dhanbad since April 2, following a protest by local workers demanding full-time wages and benefits.
State-owned Life Insurance Corporation of India (LIC) has reported a net profit of over Rs 23,400 crore for the January-March quarter, making it the highest profit-making firm in the Indian financial sector during this period, surpassing major banks like SBI and HDFC Bank.
The demerger of Vedanta's four new entities - Vedanta Aluminium Metal, Vedanta Oil & Gas, Vedanta Power, and Vedanta Iron & Steel - has led to a 16% appreciation in aggregated market capitalisation, with Vedanta Aluminium Metal identified as a likely near-term top performer due to its scale, low production costs, and favourable commodities cycle.
Reliance Industries Ltd reported a 22 per cent year-on-year decline in consolidated net profit for the June quarter, primarily because the previous year's earnings were inflated by a one-time gain from the sale of its stake in Asian Paints.
A new report suggests that blending 20 per cent dimethyl ether (DME) with LPG could significantly reduce India's LPG imports, leading to substantial savings in foreign exchange.
The government on Tuesday advised investors to stay put with Coal India Ltd to multiply their fortunes and compared the strengths of the company with gold, which is considered the best long-term bet to create wealth.
Five leading unions (INTUC, AITUC, BMS, HMS, and CITU) had given the strike call from January 5 to 7 to press for their wage revision demand. However, with the Coal India management and the unions entering into a memorandum of understanding on the wage agreement in Hyderabad on Sunday, the strike has been called off.
India's eight core infrastructure sectors recorded a two-month high growth of 1.7 per cent in April, primarily boosted by strong performances in steel, cement, and electricity production, according to government data.
'Exploration should be made easier and companies should be given operational flexibility.'
Reliance Industries Ltd (RIL) has expressed caution regarding 'extreme volatility' risks stemming from the West Asian conflict, which could impact global oil demand and the company's margins, while also noting that near-term retail consumption demand may remain sensitive to macro conditions. Chairman Mukesh Ambani, in the annual report, remained silent on the timeline for Jio Platforms' anticipated public listing, stating the group will 'continue to evaluate strategic pathways'.
The state-run miner, which recently raised a record Rs 15,000 crore (Rs 150 billion) from the markets, is running short of executive manpower, even as it looks at expanding production to meet rising coal demand in the country.
The Union Cabinet had last week decided to disinvest 10 per cent of its holding in the world's largest coal producer.
Coal India's foreign-venture arm Coal Videsh chief general manager Phalguni Guha said he expected the deal with Peabody to be finalised in the next 'few months'.
Western Coalfields Limited (WCL) has discovered significant concentrations of rare earth elements and critical minerals in its mines in Maharashtra, potentially transforming waste material into revenue-generating resources and diversifying the company's business.
Coal behemoth CIL on Thursday reported a 26.2 per cent rise in consolidated net profit to Rs 8,682.20 crore for the March quarter on the back higher supplies of the dry fuel. The company's consolidated net profit stood at Rs 6,875.07 crore in the year-ago period, Coal India Ltd (CIL) said in a regulatory filing. Its consolidated income in the January-March period declined to Rs 39,654.50 crore from Rs 40,371.51 crore a year ago.
The move comes at a time when consumers are shunning high-quality coal, which has become costlier than prevailing market rates globally.
State-owned Coal India Ltd has decided to make a foray into power generation and the company is in talks with Neyveli Lignite Corporation to set up a 2000 mw pithead power plant at its subsidiary Mahanadi Coalfields Ltd.
Last week, the Indian markets were all about coal. However, amidst the hype over the debut of Coal India Ltd (CIL) on domestic bourses, what was mostly overlooked was the brand new logo of the world's largest coal miner.
Production growth in India's eight core infrastructure sectors slowed to a three-month low of 2.3 per cent in February, impacted by contractions in crude oil, natural gas, and refinery products output.
The Kolkata-based coal miner has tied up with the US-based Advance Resource International Inc for exploration and identification of the potential shale deposits within the company's coal blocks.
The issue, through which the Centre will be divesting 10 per cent of its stake, garnered applications for 5,67,40,450 shares within the first hour of opening.
The United States has announced it will not renew sanctions exemptions for the purchase of Russian and Iranian oil, ending a 30-day waiver that allowed some countries, including India, to continue importing Russian oil despite sanctions related to the Ukraine war.
Currently, the government holds 100 per cent stake in the PSU and plans to offload 10 per cent equity through the IPO, which will offer 63.16 crore (631.6 million) shares.
India's core sector output contracted by 0.4 per cent in March, marking the first decline in five months, with coal, crude oil, fertiliser, and electricity production falling, according to official data.
Navratna public sector unit Coal India Ltd has received a proposal to acquire 'The Kraal' -- Mahatma Gandhi's house in Johannesburg where he had lived a century ago -- and convert it into a memorial, the government has said.
As it wants to put a sizeable number of shares in the market and also offer them to employees and farmers displaced by its mines.
To meet fuel supply commitments to the power sector, the government today said CIL might divert a portion of the coal meant for e-auction to power plants.
NTPC raises new demands, while CIL is not willing to yield
The Union cabinet had approved Coal India's IPO last month, to divest 10 per cent of the government's stake in the Navratna PSU.
Coal India is transporting extra volumes of coal to power plants ahead of a five-day worker union strike that threatens to cut much of its per-day output of 1.6 million tonnes.
The government is selling over 18.62 crore shares or 3 per cent in Coal India at a floor price of Rs 266 apiece.
The Competition Commission of India (CCI) is to be congratulated for imposing a large fine, of nearly Rs 1,800 crore (Rs 18 billion), on Coal India Ltd for alleged abuse of its monopolistic position.
Production and prices have been stagnant for several years, but the company's cost-cutting drive is showing results.
CIL is charged of discriminating in favour of public sector firms in the reworked format of fuel supply agreements.
A planned stake sale in Coal India in the last financial year had to be deferred after stiff opposition from the trade unions.
The deadline for these overseas mining firms for responding to CIL's EoI notice is August 31 this year.
State-run Coal India is likely to file the red herring prospectus for its initial public issue, through which the government is expecting to raise about Rs 15,000 crore (Rs 150 billion), on September 25.
Amid the low stock position at the electricity generating plants, state-owned CIL has asked its subsidiaries to refrain from conducting any further e-auction of coal, except special forward e-auction for the power sector, till the situation stabilises. The development assumes significance as the supply of coal is being prioritised to the power sector to replenish the dwindling stock in the wake of reports of an electricity crisis looming large. "In view of the current low stock position at the powerhouse end, supply of coal is being prioritised to the power sector to replenish the dwindling stock...coal companies are advised to refrain from conducting of any further e-auctions of coal with the exception of special forward e-auction for the power sector, till the situation stabilises," Coal India said in a recent letter to its arms, including Eastern Coalfields Ltd (ECL), Bharat Coking Coal Ltd (BCCL), Central Coalfields Ltd (CCL).
India's largest initial public offering (IPO), to be floated by Coal India Ltd, is generating enormous interest in the grey market. Investment bankers and stockbrokers that control this unregulated market are already trading CIL shares at a Rs 10-12 premium - even before the price band or issue date have been officially announced.
