Coal India Limited (CIL) proved a virtual gold mine for the government in the year gone by. The spectacular share sale of the world's largest coal miner ahead of Diwali added glitter and spark to the government's fund-raising plans through divestment in key PSUs.
The Central Bureau of Investigation has registered three separate cases against senior officials of Northern Coalfields Limited, a mini-ratna company and a major subsidiary of the Coal India Limited at Singrauli, in connection with alleged corruption cases related to procurement of mining equipment and financial irregularities.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Realistically, coal will be the major fuel for electricity generation in India, as in America, for a long time.
With the Supreme Court (SC) cancelling captive coal block allocations, Jindal Steel & Power Limited will be the worst-affected company.
Adopted after nearly two weeks of hectic negotiations, the first Global Stocktake deal, being termed the UAE consensus, urges countries to accelerate efforts toward the phase-down of unabated coal power, which is a climb down after India and China strongly resisted the singling out of coal.
Gandhi claimed that Dalits, tribals, and Other Backward Classes were made bonded labourers and their participation was lacking in big companies, hospitals, schools, colleges and courts.
In a significant move to enhance its strategic resource security, India has officially released its first-ever critical minerals list, identifying 30 key critical minerals crucial to the nation's economic growth and technological development. This pioneering step aims at reducing import dependence, enhancing supply-chain resilience, and supporting the country's net-zero objectives. Union Minister Parliamentary Affairs, Coal and Mines Pralhad Joshi, while releasing the Critical Minerals for India report in New Delhi on Wednesday, said, "India is readying for an Atmanirbhar Bharat."
Russia has been grappling with sanctions slapped by the US and its allies over Moscow's invasion of Crimea.
Ajit Mishra, vice president, Research, Religare Broking, answers readers' queries on stocks they own or want to buy.
According to Religare, the revised announcement implies a significantly lower cash call on the markets -- from $32 billion over FY11-FY15 expected earlier to a total issuance of $9.4 billion over the same period (with $4.6 billion coming in from public sector units as against $26.3 billion earlier).
"We will complain. He can meditate, but televisions cannot show it," she said, alleging that this will amount to "violation of the MCC."
'Banks make money because they take the right credit calls. So they need to focus on risk mitigation rather than risk avoidance.'
Jio Financial Services, the demerged financial services unit of Reliance Industries, will be listed on bourses on August 21, according to an exchange notification. Jio Financial Services Ltd (JFSL) demerged from Reliance last month and is currently listed under a dummy ticker after its price discovery at Rs 261.85 but there is no trading happening in the scrip. The listing on BSE and NSE has been scheduled a day before FTSE Russell plans to drop JFSL from its indices.
'To sustain our growth trajectory, we must continue to explore and capitalise on growth opportunities.'
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The Congress on Wednesday said the Supreme Court judgment on certain matters relating to transactions by the Adani Group has proven to be 'extraordinarily generous' to Securities and Exchange Board of India (SEBI) and asserted that the party's fight against crony capitalism and its ill-effects on prices, employment and inequalities will continue.
A high-powered submersible pump from Coal India Ltd will be put into operation on Thursday.
The government, which on Thursday decided to sell ten per cent stake in NALCO, now contemplates offloading ten per cent stake in the Coal India Limited through initial public offerring.
The Congress on Friday alleged that the electoral bonds data has exposed 'corrupt tactics' of the Bharatiya Janata Party such as quid pro quo, seeking donations for the company's protection, kickbacks and money laundering through shell companies.
The headline for corporate profit growth has been very encouraging in the July-September quarter (Q2) of 2023-24 (FY24), with the combined net profit of listed companies up by 38 per cent year-on-year. However, the earnings distribution has been very lopsided, with most of the growth coming from public-sector oil-marketing companies (OMCs), banks, non-bank lenders, automobile (auto) companies, and cement producers. By comparison, companies from information technology services, fast-moving consumer goods (FMCG), retail, and consumer durables were disappointed, experiencing a sharp slowdown in net sales growth and a relatively muted increase in reported net profit.
According to an Andhra government statement, Naidu 'reposed confidence' in the PM's leadership.
Coal India was listed on November 4, 2010, and its market value today stands at over Rs 2 lakh crore.
The depth of water from the surface till the bottom of the pit is expected to be over 150 feet, Navy officials said.
Allotments that were done without conducting due diligence should be reversed but the UPA's procedure smacks of favouritism.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Adani Ports and Special Economic Zone Ltd (APSEZ) on Tuesday announced the acquisition of a 95 per cent stake in Gopalpur Ports in Odisha from Shapoorji Pallonji Group and Orissa Stevedores Ltd at an equity value of Rs 1,349 crore. In Gopalpur Ports, Shapoorji Pallonji Group (SP Group) firm SP Port Maintenance Pvt Ltd has a 56 per cent stake and Orissa Stevedores Ltd (OSL) has a 44 per cent stake. Gopalpur Port is an all-weather deep-water berthing port with a capacity of 20 million tonnes per annum (MTPA) situated in Ganjam district of Odisha.
Parliament has cleared the Mines and Minerals (Development and Regulation) Amendment Bill, 2023, recently. The objective of the Act is to invite investments from the private sector, including foreign companies, for mining minerals such as lithium and other critical minerals. Other than lithium, some of these minerals were classified as atomic minerals, including beryl and beryllium, niobium, titanium, tantalum and zirconium.
Pollution is not merely the price to be paid for growth; it is also a drag on the same growth.
'Inter-ministerial coordination, information on the proposed PSUs, and due diligence are taking longer than expected to conclude the process.'
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The incident took place at the unit, located 40 km from Nagpur, causing severe damage to the building, an official at Kondhali police station said.
A greater payment security mechanism for power generation companies to ensure timely payouts for supply of electricity will be in focus in 2022 as stricter rules are on the anvil for 24x7 power supply amid discoms' outstanding dues at a whopping Rs 1.56 lakh crore. Mounting outstanding dues of distribution companies (discoms) to electricity generation companies (gencos) have been a perennial issue affecting the entire value chain in the power sector and are also a hindrance for the ambitious goal of 24x7 power supply across the country even when the payment for coal is made in advance. The situation persists despite the fact that discoms' dues become overdue after 45 days of generating bills and they also have to pay penal interest on the overdue amount in most of the cases to gencos.
The government expects to raise up to Rs 12,000-15,000 crore (Rs 120-150 billion) through Coal India IPO, billed as the country's largest ever.
The Modi government's e-auction policy for coal, meant to shield the consumer against hike in electricity charges, has already led to serious allegations of cartelisation among the bidding corporates. Matters came to such a pass that the government at one point last week was considering inviting the Central Bureau of Investigation to probe the matter, reports Sheela Bhatt/Rediff.com.
Mining magnate Anil Agarwal's conglomerate on Friday announced a major business shake-up, with flagship Vedanta Ltd approving a spin-off of its metals, power, aluminium and oil and gas businesses into separate listed entities and an overhaul of lucrative zinc unit planned as part of value creation and reducing debt load. Vedanta will issue one share of the five demerged businesses for every share held in the company, the firm said in a statement. The entire exercise, which would require shareholder and lender approval as well as a nod from the stock exchanges and courts, is expected to be completed in 12-15 months, its president for finance Ajay Agarwal said.
After a 10-month probe, the Central Bureau of Investigation has decided to file a closure report in the coal block allocation case involving industrialist Kumar Mangalam Birla and former Coal Secretary P C Parakh as the agency could not find any evidence in this matter.
This is the first coal scam case in which the special court has delivered its judgement.
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