|Bid||216.10 x 0|
|Ask||216.20 x 0|
|Day's Range||216.10 - 219.45|
|52 Week Range||211.40 - 299.75|
|Beta (3Y Monthly)||0.46|
|PE Ratio (TTM)||7.68|
|Forward Dividend & Yield||11.70 (5.37%)|
|1y Target Est||330.18|
(Bloomberg) -- India may spin off units of Coal India Ltd., the world’s largest coal miner, into separate listed companies to boost competition and raise government funds, according to people with knowledge of the matter.The state-run company and the coal ministry are studying a proposal by the finance ministry’s Department of Investment & Public Asset Management to list four of Coal India’s biggest production units, as well as its exploration arm, said the people, who asked not to be named as the plan isn’t public. The development is in an early stage and it was unclear how long it may take, the people added.Prime Minister Narendra Modi’s government has sought to sell some state assets to raise funds, and these divestments will continue to remain a priority, Finance Minister Nirmala Sitharaman said July 5, setting a record target of raising 1.05 trillion rupees ($15 billion) in the current fiscal year. Spinning off Coal India subsidiaries would also lead to greater competition in the domestic coal market and improve corporate governance, the people said.A spokesman at Coal India didn’t respond to requests seeking comment, while press officials at the coal and finance ministries declined to comment.The four units -- Mahanadi Coalfields, South Eastern Coalfields, Northern Coalfields and Central Coalfields -- account for more than three-fourths of the company’s output, while constituting less than half of its workforce. The fifth unit would be Central Mine Planning & Design Institute.India’s state run coal giant has been unable to meet growing demand despite abundant resources. Coal India produced a record 607 million metric tons in the last fiscal year to March, falling short by 22% of a target proposed in 2017. The goal has been revised a few times since then, but output was still just below a revised target. Meanwhile, imports of the fuel surged to a record over the same period.Shares in the miner declined 1.2% to 230.00 rupees in Mumbai. Kolkata-based Coal India has a market cap of about $20.6 billion, with the government holding almost 71% of the company.India, the world’s second-largest coal consumer after China, depends on Coal India for about 83% of the domestic production. The miner has consistently fallen short of production targets, while an overworked railway network has hampered transport of the fuel.The government’s top planning body, NITI Aayog, proposed in 2017 that Coal India be broken up so its units can compete against each other. It was dismissed at the time by Coal Minister Piyush Goyal, who said the plan doesn’t reflect government policy.(Updates shares in seventh paragraph and adds chart.)To contact the reporters on this story: Debjit Chakraborty in New Delhi at firstname.lastname@example.org;Rajesh Kumar Singh in New Delhi at email@example.com;Siddhartha Singh in New Delhi at firstname.lastname@example.orgTo contact the editors responsible for this story: Ramsey Al-Rikabi at email@example.com, Unni Krishnan, Alpana SarmaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Coal imports by Indian utilities are surging after the government failed to open the industry to competition, despite passing a liberalization policy 16 months ago, because of bureaucratic indecision and resistance from unions, industry and government officials said. Utilities in India, which holds the world's fifth-largest reserves of the fuel, imported over 40% more coal during January to April compared with a year ago, data from the Central Electricity Authority showed. The country's cabinet has approved policies opening coal mining to private miners and partially removing restrictions on the sale of coal produced at so-called captive mines but the reforms have not been implemented.
Shipments of coking coal from the United States and Canada rose to a sixth of all Indian imports of the fuel during the year ended March 2019, as steelmakers in the coal guzzling country look to cut their dependence on Australia. Australia's share in India's coking coal market fell to 71%, or 36.91 million tonnes, during the year ended March 2019 from about 88% three years ago, India coal ministry data reviewed by Reuters showed.
India's annual coal demand rose 9.1% to 991.35 million tonnes during the year ended March 2019, India's Coal Minister Pralhad Joshi told the country's parliament on Monday. Coal is among the top five commodities imported by India, one of biggest importers of the fuel despite having the world's fifth largest reserves. Consumption by India's utilities, which accounted for three-fourths of the total demand, rose 6.6% to 760.66 million tonnes, Joshi said in a written response to a question in the upper house of the parliament.
Australian thermal coal prices this week registered their biggest weekly fall since the financial market turmoil of a decade ago as demand plunged with the end of winter and amid worries over the strength of the global economy. Coal prices for prompt loading at Australia's Newcastle terminal have lost almost 20 percent since last Friday, dropping to $72 a tonne. This week's plunge comes only days after Australian miners and Japanese power utilities settled a fixed delivery price for April 2019 to March 2020 of $94.75 a tonne.
It's been weird in the coal world in recent days, with the world's largest shipper saying it's capping output, biggest seaborne buyer China putting restrictions on some imports, and an Australian court saying mines must factor in climate change. Throw in an executive at a major Indian coal-fired power generator saying his company won't build any new plants as coal can't compete with renewables, and it's little surprise that environmental activists may be tempted to pop champagne corks. The most significant development this week was Glencore's announcement on Feb. 20 that it will cap its annual output around its current capacity of 145 million tonnes.
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(Reuters) - Coal India Ltd, the world's biggest coal miner, reported a 50.1 percent jump in third-quarter profit on Tuesday as it benefited from higher coal production. Its profit for the three months ...
India's 2018 thermal coal imports rose at the fastest pace in four years, according to two industry sources, despite moves by Prime Minister Narendra Modi's government to cut imports in a bid to reduce its trade deficit. Coal is among the top five commodities imported by India, one of the world's largest consumers of coal, and the rise in imports of the fuel after two consecutive years of decline adds to its trade deficit. Thermal coal imports jumped 19 percent to 171.85 million tonnes in 2018, marking the fastest pace of growth since 2014, according to data from American Fuels & Natural Resources, a Dubai-based trader of U.S.-origin coal.
(Reuters) - Coal India Ltd's quarterly profit jumped more than eight-fold as the world's biggest coal miner produced more of the dry fuel, but profit fell slightly below analysts' expectations, its financial ...
The offer may be extended to include an additional 372.4 million shares in the company, Coal India said. Shares in Coal India closed 4 percent weaker at 275.85 rupees on the National Stock Exchange on Tuesday.
The pollution regulator for Odisha issued notices to Coal India mines with combined annual capacity of 20 million tonnes over environmental failings, according to a document seen by Reuters on Friday. The Odisha state pollution control board also said that a coal fire was observed in one of the mines and that firefighting measures were inadequate. "If the cause shown in the reply is found not to be satisfactory, appropriate action shall be initiated without any further notice," the state pollution control board, Odisha said in the notice to Mahanadi Coalfields Ltd, a Coal India unit.
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India’s largest power producer is seeking bids to import coal after a gap of about four years, highlighting a supply crunch users of the fuel are facing as shipments in the country fall short of demand. State-run NTPC Ltd. is seeking a total of 2.5 million metric tons of imported coal, according to two separate tenders on its website. It is looking to boost supplies as plants accounting for more than half its total capacity had less than seven days of coal stock as on Aug. 13, data from the Central Electricity Authority shows.
India’s harbors have become clogged up with coal as imports to power an expanding economy outpace railroad capacity to transfer the fuel to consumers. Stockpiles rose by 15 percent in seven weeks to 19.2 million metric tons, according to data from 18 ports compiled by CoalMint in a July 30 report. Inventory at Vishakhapatnam Port Trust in the eastern state of Andhra Pradesh is near the limit because a rail-car shortage is slowing distribution, Deputy Chairman P.L. Haranadh said in a phone interview.