Top six Indian companies added a total of Rs 30,505.3 crore in market valuation last week, with IT biggie TCS walking away with the biggest slice.
State-run Coal India today said it is expecting around 400 million tonnes of output this fiscal from its 121 projects that are under operations.
RIL's valuation zoomed Rs 24,619.79 crore to Rs 4,08,238.80 crore and Infosys added Rs 5,076.25 crore at Rs 2,36,849.45 crore.
State-run coal miner Coal India's second quarter profit is seen falling 15.5 percent year-on-year to Rs 2,150 crore and revenue may decline 0.9 percent to Rs 16,800 crore, according to average of estimates of analysts polled by CNBC-TV18.
A Parliamentary panel has raised concerns over Rs 13,745 crore in dues to coal PSUs - CIL, SCCL and NLC - and asked them to recover the amount, which can adversely impact their financial position.
Coal India (CIL) supplied 225.1 million tonnes (MT) of coal to the power sector in the April-October period last fiscal, according to the latest government data.
The combined market valuation of six of the top 10 most valued Indian companies took a knock of Rs 26,191.04 crore last week, with Infosys taking the biggest hit.
State-owned CIL today announced one-time offer of 20 million tonnes of coal under special spot e-auction in the ongoing fiscal.
The Finance Ministry is pushing for buyback of shares by CPSEs. This is being done for two purposes to generate cash for the government and help push up the valuation for any divestment.
Four of the top 10 most valued Indian companies took a combined hit of Rs 19,173.4 crore in their market valuation last week, with TCS bringing up the maximum loss.
The broader goal is to produce 1 billion tonne of the dry fuel by 2020.
The coal price hike announced by state-owned CIL is likely to result in an increase in cost of power procured by discoms, ICRA said in a statement.
"CIL has cut prices of top grades of coal by up to 40 percent on the back of more than adequate coal production as well as about 58 million tonnes of stock pile," a media report said.
Eight of the top 10 most valued companies together added Rs 21,296 crore in market valuation during the past week, with HDFC and ITC walking away with the largest share of gains.
It encompasses the whole gamut of identification of coal reserves, detailed exploration followed by design and implementation and optimizing operations for coal extraction in its mines.
The ROM price to be paid will be suitably indexed by CIL/Singareni Collieries Company Limited (SCCL) for subsequent years. The successful bid premium shall remain constant over the contract period.
The charter of demands also included increasing import duty on coal and rationalising pricing accordingly.
Sluggish trend in the stock market pulled down the combined market capitalisation of seven of the top 10 most valued firms by Rs 51,647.43 crore last week.
Last month, the government had announced its plan to bring in a new regime for sampling and testing of the dry fuel from January 1 to ensure supplying quality coal to consumers.
Coal and Power Minister Piyush Goyal told reporters today that government expects to raise around Rs 20,000 crore from the sale of 10 percent stake in Coal India (CIL).
Union Minister for Shipping and Surface Transport Nitin Gadkari, Union Minister for State for Fertilizers Hansraj Ahir and myself will make a presentation before the Prime Minister, Goyal, who is the Minister for Coal and Renewable Energy, told reporters here.
The combined market valuation of top seven Sensex companies surged by Rs 54,619 crore last week, with RIL, Infosys and TCS stealing the show with big gains. Barring ONGC, Sun Pharma and SBI, rest seven companies in the top 10 Sensex firms, including ITC, HDFC Bank, CIL and HDFC, saw rise in their market capitalisation (m-cap).
It plans to sell 10 percent stake in the world's largest coal miner, but got virtually no response from foreign merchant bankers over the company purportedly not complying with its own sustainability policy.
The very first e-auction it conducted fetched 54 percent above the notified price for Bharat Coking Coal, a Coal India arm. The unique methodology it put in place is still being followed, it said.
The government is considering a policy for coal linkage auction and has sought comments from stakeholders on the draft auction methodology which it has prepared.