The 6.3 percent price hike effected by Coal India will not have an impacted on off-take, Coal Secretary Anil Swarup said, adding that demand for coal continues to remain high even a bottleneck remains in the form of distressed power distribution companies.
In an interview with CNBC-TV18, he said that there is no big 'uptick' in steel demand and expects iron ore prices to go up by Rs 500 per tonne, which will be an added burden on the industry.
Contrary to news reports, Coal India has not stopped production at any mine even though production has been cut back in the wake of low offtake, Coal Secretary Anil Swarup today confirmed to CNBC-TV18.
Speaking to CNBC-TV18, Nilesh Panpaliya, CFO of Solar Ind said that the company at present has a defence order worth Rs 72 crore which will reflect on the books next fiscal and is expected to drive the revenue for FY17 up by 25 percent.
Partha S Bhattacharyya, Former Chairman, Coal India believes that giving away a highly skilled activity like mining to incompetent agencies might not serve any real purpose.
If first quarter's production is anything to go by, then the coal behemoth can very well surpass the FY16 production target.
Bipin Kumar Saxena, director marketing, Coal India, has a year-end production target at 550 million tonne.
In an interview with CNBC-TV18, Saxena says production for April-July at 156 million tonnes is already 10.5 percent higher compared to the same period last year.
The company's pperational performance also beat street expectations with the operating profit rising 5.1 percent year-on-year to Rs 5,964 crore and margin expanding 30 basis points to 27.9 percent in the quarter gone by.
Falling crude prices is one of the main reasons for the ONGC divestment getting delayed, Johri said
State-run MMTC has received orders for import of steam coal from Coal India and Andhra Pradesh Power Development Company. In an interview to CNBC-TV18, CMD Ved Prakash discusses the order size and the company‘s future plans.
The miner is confident of achieving production target of 550 mt for the current year. It also has a production target of 910 mt by 2019-2020.
While the company is mulling various options to tackle this problem, Ravi Uppal, managing director and chief executive officer, JSPL says the government shouldn‘t forget the quantum of power capacity that is now at stake due to the cancelled bids- 3500 MW.
Swarup however declined to say if the government suspected cartelization, adding that it was too early to say if the bids for these 8 blocks would be cancelled
In less than a week, auctions of 11 blocks for the power sector have netted around Rs 60,000 crore. In all, 204 coal blocks will be auctioned in a phased manner, following the Supreme Court‘s order canceling the earlier allocations.
On CIL divestment, former chairman of CIL Partha Bhattacharya does not think it is the right time. He explains that the company needs to improve its profitability and production to get proper value.
Coal India's new chairman Suthirtha Bhattacharya said the strike has been called off with immediate effect.
The Union Cabinet has approved changes to the Mines and Minerals Act. The proposed changes were to make auction the preferred mode to sell important minerals.
State-run coal miner Coal India, which aims to increase its output to 1 billion metric tonne (mt) by 2019 from 462 mt in 2014, is targeting production of 510 mt in 2015, coal secretary Anil Swarup told CNBC-TV18
Bipin Kumar Saxena, Director - Marketing at Coal India, says the company has been facing problems with respect to transportation of coal and has sought more rakes from Indian Railways to meet the offtake target.
The Lok Sabha has passed the Coal Mines Bill.
Vikram Limaye said most institutions and banks have a good handle on the “problem assets†and that there has been no new increase in them.
Mohandas Pai, former chief financial officer, Infosys says the company's shareholders must question the new management on how they choose to spend the extra money. The company shouldn‘t let the money stay in its balance sheets as the management is likely to succumb to pressure and make large acquisitions, adds Pai.
Sudiep Srivastava, petitioner in the coal block allocation case says the deallocation will only mean an escalation of prices for Coal India, an escalation that cannot be passed onto consumers, thereby leading to a fall in windfall margins.
Power Minister Piyush Goyal says revenue maximsation alone can't be the driver at possible coal block auctions after the SC verdict and that the government is not making a case for any block.