Mumbai: Reliance Industries on Tuesday toppled state-run oil major ONGC to become the country's second most valued firm after TCS. Shares of ONGC on Tuesday fell by 1.47 per cent, bringing its market valuation down to Rs 2,63,466 crore, which was lower than RIL's m-cap of Rs 2,66,548 crore at close.
Reliance Industries dropped by 0.18 per cent on BSE. IT major TCS holds the top slot with a market value of Rs 2,83,483 crore on BSE. ITC with Rs 2,60,879 crore m-cap is the fourth most valued company followed by Coal India (Rs 1,91,449 crore).
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03:24 AM, Jun 19, 2013
New Delhi: A ministerial group approved a draft bill on Wednesday to set up a coal regulator, the Coal Minister said, in a step towards better supervision of a sector that is the nation's main source of energy but is riddled with corruption and supply bottlenecks. Coal Minister Sriprakash Jaiswal did not give more details of the powers the body will enjoy. The bill must next be approved by the...
05:46 PM, May 29, 2013
New Delhi: Amid 17 major players evincing interest in restructuring world's largest coal miner CIL (Coal India Limited), the government has shortlisted nine firms for the task. "The Coal Ministry has shortlisted nine firms out of 17 applications it received with regard to the appointment of advisors for restructuring of Coal India," a source said. The ministry had received applications from the firms like McKinsey, KPMG, Ernst & Young, Deloitte...
12:20 PM, May 26, 2013
Mumbai: Shares of Coal India Ltd (CIL) on Tuesday gained over 2 per cent after the company reported nearly 90 per cent jump in standalone net profit for the fourth quarter ended March 31. After making a bullish opening, shares of the company rose further by 2.57 per cent to Rs 308.50 on BSE. At NSE, the scrip went up by 2.43 per cent to Rs 308.65. The stock was...
12:59 PM, May 21, 2013
New Delhi: Lingering row between CIL and power producers such as NTPC is casting a shadow over 10 per cent divestment plans in the coal major as its parent ministry has reservations about stake sale till issues, like Rs 9,000 crore dues owed by electricity utilities, are resolved. "Coal Ministry in a letter to the Department of Disinvestment (DoD) has said that going ahead with the stake sale process in...
12:11 PM, May 19, 2013
The Coal India board has sought clarifications on draft agreement with the Limpopo government in South Africa on responsibilities to be shared between them while acquiring mines through a JV, a move that may delay the company's acquisition plans. The government of Limpopo, the northernmost province of South Africa, had approached Coal India Ltd (CIL) requesting it to form a joint venture with one of its public sector firms for...
10:55 AM, Mar 24, 2013
In January 2009, in what is widely referred to as 'India's Enron', 300,000 shareholders of Satyam Computer Services (now Mahindra Satyam) came together and sued the company. Satyam's founder Ramalinga Raju had confessed to misstating accounts, and the company stock plummeted. The shareholders claimed damages worth Rs 5,000 crore. ...
02:55 PM, Mar 01, 2013
New Delhi: Raising objections to price-pooling of coal, West Bengal government has conveyed to CIL that such a mechanism is not acceptable to it. Coal India Ltd (CIL) had sought opinion of state governments on the issue. To offset the impact of high import costs, the Planning Commission had said that CIL should adopt a pooling formula on prices by combining rates of imported and domestic coal. "The West Bengal...
05:04 AM, Oct 15, 2012
Kolkata: The hike in diesel prices will put an additional burden of Rs 600 crore per annum on Coal India Ltd in the production of coal, a top company official said on Tuesday. "For each Re 1 hike in diesel prices, the impact is Rs 120 crore and so for a hike of Rs 5, the annual impact would be Rs 600 crore," Coal India Chairman and Managing Director S...
05:27 PM, Sep 18, 2012
Bhubaneshwar: Authorities in Odisha halted operations at six mines of Coal India, the world's largest coal miner, after its environmental clearances expired, a senior government official said on Sunday. Any production disruption at state-run Coal India, which has repeatedly fallen short of supply targets, would mean higher dependence on imports as Asia's third-largest economy struggles to meet domestic demand. Coal accounts for 66 per cent of India's thermal power generation,...
12:55 AM, Sep 03, 2012
New Delhi: State miner Coal India Limited (CIL) on Monday declared a marginal net profit growth with a stand-alone net profit of Rs 45,765.70 million for the quarter ended June 30, 2012 as compared to Rs 45,415.90 million for the like quarter the previous year. The company's total income has increased from Rs 48,508.80 million for the corresponding quarter of the previous fiscal to Rs 49,103.20 million for the quarter...
08:38 PM, Aug 13, 2012
New Delhi: Coal India will modify the fuel supply pacts before signing them with power companies to incorporate the changes that have been proposed by its board at this week's meeting, thereby breaking the deadlock over the issue of minimum assured supply of fuel to them. Central Electricity Authority (CEA), in a letter, would inform the Power Ministry about the necessary modifications to be made in the FSAs. So far...
10:49 AM, Aug 03, 2012
New Delhi: The Children Investment Fund Management (UK) Llp, or TCI, on Wednesday filed a petition in the Delhi High Court against India's coal ministry and Coal India Ltd challenging their moves to keep the prices low. The TCI, which has less than 2 per cent stake in the company, claimed that the ministry had no legal authority to interfere with the decisions of Coal India ltd and that the...
06:20 AM, Aug 02, 2012
New Delhi: With the worst power blackout in India affecting almost half the country and causing business losses of thousands of crores of rupees, India Inc on Tuesday called for raising capacity in the power sector on a war footing. "Availability of coal and gas is a pre-requisite for spurring investments in the power sector. Reforms that would help make coal and gas available as per the nation's requirements must...
02:00 AM, Aug 01, 2012
New Delhi: Government-run Coal India Ltd on Wednesday said it has targetted production of 615 million tonnes of coal during the 12th Five Year Plan period that began April 1. The coal production target set by Coal India Ltd for the terminal year of the 12th Plan that ends in 2016-17 is 615 million tonnes, with the assumption that requisite clearances like environmental and forest clearances, land acquisition, law and...
04:23 AM, Jun 07, 2012
New Delhi: In a major embarrassment for the Congress, ally Trinamool Congress on Tuesday seemed to indirectly question Prime Minister Manmohan Singh's alleged role in the coal block allocation case. Trinamool Congress leader Kalyan Banerjee, who heads the parliamentary committee on Coal and Steel, indirectly questioned the PM's decision on coal block allocation, saying the allocations should have been made through Coal India and state owned companies. In his report,...
01:50 PM, Jun 05, 2012
New Delhi: State-owned Coal India (CIL) on Monday reported a 4.9 per cent dip in consolidated net profit at Rs 4,013 crore for the fourth quarter ended March 31, due to higher staff expenses. The company clocked a net profit of Rs 4,220 crore during January-March quarter of FY 2010-11, the company said in a filing to BSE. The income from operations of the public sector firm for the quarter,...
07:02 PM, May 28, 2012
New Delhi: The Prime Minister's Office on Monday issued a clarification on allegations levelled by Team Anna with regard to the alleged corruption in allocation of coal blocks between 2006 and 2009. Reacting to the allegations, the PMO clarified its stand saying the coal blocks were privatised to meet the growing demand that Coal India failed to meet. In a press release dated May 27, 2011, the PMO said that...
04:32 PM, May 28, 2012
Mumbai: FMCG major ITC on Tuesday replaced Mukesh Ambani-led Reliance Industries Ltd (RIL) as the most influential stock on Indian bourses. Based on its weightage on the stock market's index Sensex, RIL slipped to the second position after ITC. At close on Tuesday, ITC grabbed the top slot in terms of Sensex weightage, which is measured by the value of a company's free-float or non-promoter shares that can be freely...
06:44 PM, Apr 17, 2012
Vikram Limaye Age: 45 Career: Joined IDFC in 2005; prior to that, was associated with Credit Suisse First Boston in the US Education: CA, Mumbai University; MBA, Wharton Interest: Likes playing tennis Question: Where will the growth in infra-lending come from? Vikram Limaye: There is not much growth in the environment. Yet, we are clear that IDFC will focus on disciplined, profitable growth with no compromise on asset quality. So,...
04:29 PM, Mar 22, 2012
