The Federation of Indian Chambers of Commerce and Industry (Ficci) president RV Kanoria calls for privatisation of Coal India Limited (CIL), the world's largest coal producer and India's public sector unit.
Partha S Bhattacharyya, the outgoing chairman of Coal India, is probably best described as the man who led the company's transition from the world's largest coal miner to the country's fourth largest company in terms of market capitalisation.
Coal India employees, who were barred by their unions from buying shares during the mega-IPO last year, may after all get another opportunity.
Operating margins have been the primary driver of corporate earnings in India in recent quarters, despite revenue growth suffering from weak consumer demand. Companies across sectors have reported a sharp improvement in earnings before interest, tax, depreciation, and amortisation (Ebitda) margins over the past two years, benefiting from lower commodity and energy prices. Higher margins more than compensated for slower revenue growth, resulting in double-digit growth in net profit for five consecutive quarters.
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CIL aims to sell 12.6 mn shares to retail investors
A planned stake sale in Coal India in the last financial year had to be deferred after stiff opposition from the trade unions.
With Coal India deciding to pay around Rs 16,485 crore as interim dividend, the government will be able to make up for the shortfall in the disinvestment target of Rs 40,000 crore for the current fiscal.
Biggest ever share sale by any private or public sector co in India.
Splitting Coal India Limited could increase competition and hence make production more efficient, but opinion is building against it.
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.
CIL is charged of discriminating in favour of public sector firms in the reworked format of fuel supply agreements.
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.
Says Coal India is ready to sign at 80% trigger level, with 15% imported coal on cost-plus model.
JSPL and Balco had emerged as the highest bidders in the recently concluded auctions.
'An even bigger salute to all the rescue workers and all the agencies that worked tirelessly to rescue our 41 workers trapped in the Utarkashi Silkyara tunnel. Jai Hind!''
The government on Thursday fixed Rs 358 a share as the floor price for up to 10 per cent stake sale in Coal India on Friday, which may help the exchequer garner about Rs 22,600 crore (Rs 226 billion) in the biggest sale of shares.
Prabhu-led advisory group also suggests JVs with mining and infra firms.
Coal India, which is likely to hit the capital markets in October, "will be in the list of Fortune 500 the day it is listed on the stock exchange," the head of a government panel on public sector units said on Monday.
Key infrastructure sectors -- from railways to power, and from coal to petroleum -- will not only be part of the achievements but promises too, as the BJP fights to get a third term at the Centre.
The company will engage various NGOs for the construction of toilets as well as undertake awareness campaigns for better sanitation, it said adding that a total of around 100,000 households would be benefited by the sanitation initiative.
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.
Production and prices have been stagnant for several years, but the company's cost-cutting drive is showing results.
NTPC raises new demands, while CIL is not willing to yield
NRW is one of the leading providers of construction and mining services with a turnover $1.35 billion in 2011-12.
With the country poised to import 142 million tonnes in 2011-12, the development holds significance as a tie-up with railways will help CIL in transporting the imported coal to its destinations.
This year, Coal India plans to gauge the domestic market through a tie-up with MMTC and State Trading Corporation.
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 country's largest coal producer Coal India is likely to decide in 2-3 days on roping in anchor investors for its upcoming mega initial public offer, Coal Minister Sriprakash Jaiswal said here on Friday.
After land, coal is turning out to be the latest hurdle to West Bengal's industrialisation drive.
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.
Coal ministry officials along with senior officials from Coal India and department of disinvestment would meet with capital market regulator Securities and Exchange Board of India this month to take forward the process of listing the public sector unit.
The S&P BSE Midcap and the S&P BSE Smallcap indices have managed to stay afloat in a volatile January that saw the frontline indices hit their respective 52-week high levels and then slip. While the S&P BSE Sensex has lost over 2 per cent thus far in January, the S&P BSE Midcap and the S&P BSE Smallcap indices have gained nearly 2.5 per cent and 4 per cent, respectively during this period.
Jindal Steel and Balco emerged as the top bidders.
A top Coal India official, however, said the hike would be 'modest' and said, 'our prices are 50 per cent discounted as compared to the global prices. Now there has been a major wage revision resulting in over Rs 4,000 crore (Rs 40 billion) additional financial burden on us which cannot be met through production and productivity alone.'
To offset the impact of high import costs, the Planning Commission has said that CIL should adopt a pooling formula on prices by combining rates of imported and domestic coal.
Last month, the Union Cabinet had cleared the proposal to divest 10 per cent of the government's stake in the world's largest coal miner through an IPO.
State-owned Coal India is likely to get listed by October and may be accorded Maharatna tag by 2010 end, while BHEL has to wait for at least a year to be awarded with the coveted tag, a senior official said on Friday.
The deadline for these overseas mining firms for responding to CIL's EoI notice is August 31 this year.
Coal India said 52 global companies have expressed interest in partnering with it for acquiring mines overseas, especially in Australia, Mozambique and Indonesia.
Dragged down by Coal India, the cumulative market valuation of four among the top 10 Indian companies fell by Rs 30,679.66 crore during the past week.
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