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
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 in an interview where he discussed several important issues including the upcoming coal auctions and the prospects of the government allowing commercial coal mining.
In the interview, Swarup said the government has been working with the railways ministry to address the issue of evacuation of coal and said that he expected Coal India to scale up its output in a big way from 2016 onwards once railways succeed in augmenting infrastructure to transport coal.
Coal India has struggled to increase its output, producing 431, 435, 452 and 462 mt, respectively, from 2011 through to 2014, even as power plants around the country (about two-thirds of which run on the mineral) are starved of the fuel.
Experts blame the lack of competition in the nationalized coal sector (apart from Coal India, only private and state companies in the power, cement and steel sectors having end use for coal are allowed to mine) and Coal India's inefficient, archaic mining techniques as the reason India still needs to import a significant part of its coal requirement despite having rich reserves.
But Swarup said that with the recent appointment of a new head at Coal India, the ministry was now looking to work with the company to significantly increase output.
Commenting on the upcoming e-auctions, the coal secretary said the government was looking to sell 101 coal blocks by the end of this financial year (March 31, 2015) while the remaining 103 mines will be auctioned next fiscal year (2015-16).
Last year, the Supreme Court had cancelled allocation of 204 mines handed over to companies with coal end-use terming the process of allocation "arbitrary and illegal".
In the recent coal ordinance that paved the way for the auctions, the government had included a clause that it may allow for commercial mining of coal in future (allowing bidding winners to sell coal in the open market) even though winners of the first phase auction (101 mines) will necessarily have to either use coal for their end purposes or sell excess production back to Coal India.
Swarup said that once the government concludes the first phase of auction by March, it will later decide whether to fully open up the sector.
Also read: Open up coal sector to enhance production: Advisory Group
Coal India stock price
On January 01, 2015, at 11:12 hrs Coal India was quoting at Rs 380.45, down Rs 3.3, or 0.86 percent. The 52-week high of the share was Rs 423.85 and the 52-week low was Rs 240.50.
The company's trailing 12-month (TTM) EPS was at Rs 21.06 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 18.07. The latest book value of the company is Rs 26.04 per share. At current value, the price-to-book value of the company is 14.61.
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