State-owned Coal India Ltd (CIL) and ArcelorMittal Nippon Steel India (AMNS) have signed an MoU to explore setting up a coal gasification plant near AMNS's Paradip pellet plant in Odisha. This initiative aims to produce synthesis gas for cleaner steel production, reduce reliance on imported fuels, and align with India's goal of gasifying 100 million tonnes of coal by 2030, supported by a Rs 37,500-crore government incentive scheme.
Coal inventories at India's thermal power stations have fallen to 22.9 million tonnes, providing only a seven-day fuel cover and affecting 74 out of 190 plants, a situation last seen in October 2023.
India's nine key infrastructure sectors recorded a three-month low growth of 4.8 per cent in August, primarily due to reduced production in coal, natural gas, crude oil, and fertiliser, according to government data.
India is set to develop its first 100% hydrogen-powered Direct Reduced Iron (DRI) plant, a Rs 207-crore national pilot project led by CSIR-IMMT. This initiative aims to significantly reduce carbon emissions in the steel sector and achieve net-zero commitments, focusing on adapting the technology to India's domestic iron ore conditions.
The National Stock Exchange of India Ltd (NSE) has received regulatory approval from SEBI for its long-awaited Rs 30,000-crore initial public offering (IPO), positioning it to potentially become the country's largest-ever public issue.
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.
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.
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.
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 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'.
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.
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.
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 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 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.
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.
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.
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.
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.
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 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.
The government is selling over 18.62 crore shares or 3 per cent in Coal India at a floor price of Rs 266 apiece.
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.
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.
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.
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.
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.
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).
