IndiaCatalog.com
India News
Search Web Directory
News Home
CIL's e-auction sales at 12% of first quarter's
Posted on 19th August 2015
Coal India Ltd (CIL)'s e-auction sales in the first quarter of the current financial year has once again reached 16 million tonnes (mt), which is over 12 per cent of its April-June quarter's total offtake. The trend is likely to continue throughout the financial year and the miner might register record e-auction sales in the current year.

CIL recorded an offtake of 129.39 mt in the first quarter of 2015-16, registering an 8 per cent growth. Production in the first three months of the current financial year increased by 12 per cent at 121.35 million tonnes (mt) as against 108.32 mt in the same period last year.

Coal India Ltd (CIL)'s e-auction sales in the first quarter of the current financial year has once again reached 16 million tonnes (mt), which is over 12 per cent of its April-June quarter's total offtake. The trend is likely to continue throughout the financial year and the miner might register record e-auction sales in the current year.

CIL recorded an offtake of 129.39 mt in the first quarter of 2015-16, registering an 8 per cent growth. Production in the first three months of the current financial year increased by 12 per cent at 121.35 million tonnes (mt) as against 108.32 mt in the same period last year.

Incidentally, in the corresponding quarter of the last financial year too CIL clocked e-auction sales of 16.78 mt. Against a total offtake of 119.60 mt in the first quarter of 2014-15, CIL's e-auction volume was about 14 per cent of the sales.

However, in September 2014, Coal Minister Piyush Goyal directed CIL to pare e-auctions by about 50 per cent to 25 mt in 2014-15 from 58 mt last year. After initially opposing the proposal, CIL finally settled for keeping its e-auction sales to seven per cent of the total sales.

As a result, CIL ended FY15 selling about 45 mt coal through e-auction.

Later, the ministry has allowed CIL to revert to the old system, removing the cap on e-auction volumes with effect from April 2015. Thus, CIL was again allowed to increase e-auction volumes to 10 per cent of total sales, which is the standard practice.

“In the absence of cap, there is no hard and fast rule. It has gone beyond 12 per cent earlier as well. But yes, CIL's first priority is to supply coal to the power sector. With an remarkable improvement in output, we were in a position to sell 16 mt via e-auction in the first quarter,” said an official.

According to CIL officials, this trend is likely to continue and the e-auction volume is “likely to be at the same level throughout the year".

In that case, if CIL meets its offtake target of 550 mt in the current financial year, CIL's e-auction volume at 12 per cent of sales will be at 66 mt.

Besides, the coal ministry has recently said CIL for the first time will start selling coal through e-auction windows to power plants not having fuel supply agreements (FSA).

Initially about 10 mt is likely to be sold in this separate window. This may be over and above the existing e-auction volume.

CIL's profitability to a large extent is dependent on the realisation from e-auction. While a small part of overall volumes, e-action sales contribute 35-40 per cent of total Ebitda (earnings before interest, taxes, depreciation and amortization). Hence, higher e-auction volumes would mean higher profitability in the coming quarters.

Related Companies: Bajaj Auto Limited   

Other Latest News
This helicopter company stock zooms 112% in six weeks
Posted on 18th April 2019
Shares of Global Vectra Helicorp surged 9 per cent to Rs 127 in the intra-day trade on Thursday, gaining 53 per cent in the last one week on the BSE, on expectation of strong earnings growth. The stock was trading close to its 52-week high of Rs 131 on April 23, 2018 on the BSE.

In past three weeks, the stock has rallied 112 per cent from level of Rs 60.30 on March 8, 2019, as compared to 7 per cent rise in the S&P BSE Sensex.


Hyundai eyes leadership position in compact SUV segment: MD
Posted on 18th April 2019
Hyundai Motor India is eyeing a leadership position in the compact SUV segment in the country with its upcoming model Venue, a top company official said.

The company will face stiff competition in the sub-4 metre compact SUV segment from the likes of Maruti Suzuki Vitara Brezza, Tata Motors Nexon, Mahindra XUV300 and Honda WR-V.


Mahindra, Ford to co-develop mid-sized SUV for India, emerging markets
Posted on 18th April 2019
Mahindra & Mahindra (M&M) and Ford Motor Company on Thursday said they have signed a definitive agreement to co-develop a mid-sized SUV for India and other emerging markets.

The new agreement reinforces the steady progress made since the announcement of a strategic alliance between the two companies in September 2017, followed by an announcement on powertrain sharing and connected car solutions in October 2018.


JustDial data leak exposed personal details of 100 million users: IT expert
Posted on 18th April 2019
Justdial, a company that provides local search for different services in India over voice calls and internet, suffered a data breach last week that compromised the personal details of 100 million users, according to independent cyber-security researcher Rajshekhar Rajaharia.

Inc42 quoted a senior JustDial executive on Monday as saying that the company is investigating the alleged loopholes in its database and that the company's systems are foolproof.


Now, Mamata Banerjee objects to no non-veg on Air India
Posted on 18th April 2019
Chief Minister Mamata Banerjee launched a new attack front against Prime Minister Narendra Modi on Wednesday and registered a delayed protest against the decision to stop serving non-vegetarian food to economy class passengers of Air India's domestic flights.

Air India does not serve non-vegeterian food in economy class. Only business class passengers are entitled to have chicken. Why will Modi babu decide what others will eat? the firebrand leader lashed out when addressing a public meeting at Kandi in Murshidabad.


» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Add a comment for CIL's e-auction sales at 12% of first quarter's
Please only use this form to enter comments on the above company. All comments are reviewed before they are displayed on the web site. Not all comments may be displayed. Check back with us to see if your comments have been displayed.
If you want us to email the comments posted by users, please Subscribe by email
Name*
Comments*
Security Code*
 

Be the first person to write a business review for CIL's e-auction sales at 12% of first quarter's

Most Read News

Depite being humiliated, DMK has joined hands with Cong: PM Modi in Tamil Nadu

Uber nears deal with Softbank-led group for self-driving car unit: Report

Anil Ambani firm got €143.7 mn tax relief from France after Rafale announcement: Le Monde report

Out of cash and desperate: Low-cost airline Jet Airways may stop flying

Priyanka Gandhi ready to contest against PM Modi from Varanasi: Sources

More India News

  India Web Directory
Business Profiles
Automotive Directory
IT/ITES/BPO Directory
Hotel Directory
Health Directory
Business Directory
Gems & Jewellery
Education Directory
Real Estate Directory
Agriculture Directory
Logistics Directory
Yellow Pages
NRI Guide
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Order Premium Listings
Submit a Site
Business Reviews
Home
About us
Link to us
Advertise
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory
    © 1999 - 2019 IndiaCatalog.com
    All Rights Reserved
Privacy Statement