COALINDIA

** Shares of GOCL Corporation GOCL.NS rise 2.1% to 364 rupees

** Coal India COAL.NS cuts ban on the mining & infra co's unit IDL Explosives to 1 year from 2 years, following court guidelines

** IDL Explosives now eligible to bid for COAL and other state-run firm tenders as ban ended on July 2

** YTD, stock is trading flat

(Reporting by Aleef Jahan in Bengaluru)

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By Sudarshan Varadhan and Sethuraman N R

SINGAPORE/NEW DELHI, Sept 4 (Reuters) - Coal prices in India will fall after revisions to taxes on the fuel that generates nearly 75% of the country's electricity, industry officials and analysts said, as a higher consumption tax is offset by the removal of a carbon levy.

That could push up domestic consumption at the expense of imports, they said, putting further pressure on already plunging global coal prices.

India's finance minister hiked consumption levies on coal to 18% from 5% on Wednesday. However, buyers no longer have to pay a flat carbon tax of 400 Indian rupees ($4.57) a metric ton, known as a cess.

"We anticipate an increase in demand for locally mined coal as the elimination of the cess makes it cheaper despite the higher consumption tax," said Ashis Kumar Pradhan, senior analyst at consultancy Wood Mackenzie.

Prices of power plant-grade fuel sold by Coal India COAL.NS, which produces three-quarters of Indian output, will now be 8.1%-19.8% cheaper for utilities and 5.6%-16.7% cheaper for other users such as smelters, according to Reuters calculations based on Coal India and Wood Mackenzie data.

The calculations tallied with estimates provided by the Coal Consumers Association of India to Reuters.

India is the world's second largest coal importer behind China, but imports are expected to fall as the price of grades typically shipped in from top supplier Indonesia will be 3.5% higher after the tax change, Pradhan said.

The lower effective taxes on coal are expected to help generators burning the fossil fuel to cut costs by 0.12 rupees per kilowatt hour, said Vikram V, analyst at Moody's ICRA unit.

That compares with ICRA's estimates of a 0.10 rupee per kWh decline in generation costs for solar power developers following a cut in tax rates on panels to 5% from 12%.

Coal India and the federal ministries for finance, power and coal did not respond to requests for comment.

The move will also benefit power producers and help revive plunging sales by state-run Coal India, which has grappled with tepid power demand and a rise in renewable power generation.

Ashok Khurana, vice chairman at India's Association of Power Producers, said the decision would help reduce generating costs.

"However its impact on consumer tariffs would depend on distribution companies," he added.

The move could result in lower tariffs if distribution companies pass on reduced procurement costs to consumers.

If the costs are not passed on, it could help improve the finances of debt-laden, state government-owned distribution companies, Khurana said.

($1 = 87.5060 Indian rupees)

(Additional reporting by Nikunj Ohri in New Delhi; Editing by Jan Harvey)

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SINGAPORE, Sept 3 (Reuters) - State-run mining group Coal India COAL.NS has issued tenders to build 3 gigawatts of solar and 2 GW of wind power plants, its most significant move yet to diversify revenue sources amid a decline in output this year due to tepid demand.

The company currently has an installed solar capacity of about 0.2 GW, and plans to increase that to 3 GW by 2028 and 9.5 GW by 2030.

Production by Coal India, which accounts for about three-quarters of the country's coal output, fell 3.5% during the first five months of this fiscal year ending March 2026.

(Reporting by Sudarshan Varadhan; Editing by Jan Harvey)

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Aug 19 (Reuters) - Coal India Ltd COAL.NS:

• MOU BETWEEN COAL INDIA AND KONKAN RAILWAY CORPORATION

• MOU WITH INTENT OF DEVELOPMENT OF RAIL INFRASTRUCTURE OF CIL, UNITS

Source text: ID:nnAZN4DSC3I

Further company coverage: COAL.NS

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SINGAPORE, Aug 6 (Reuters) - State-run Coal India COAL.NS has allowed utilities to sell power generated from fuel supplied under long-term deals called "linkage contracts" on power exchanges, it said in a notice on Wednesday.

The move would enable consistent demand for coal, Coal India said in the notice dated August 6, which was reviewed by Reuters.

The decision comes at a time India's coal-fired power plants are withdrawing more fuel from inventories and slashing fresh purchases from Coal India as coal use for power generation fell for a fourth month despite higher electricity demand.

(Reporting by Sudarshan Varadhan; Editing by Jan Harvey)

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July 31 (Reuters) - Coal India COAL.NS, which produces about 80% of the country's coal, reported a quarterly profit decline on Thursday as shipment volumes and prices fell amid weak power demand.

The state-run company, which mainly produces non-coking thermal coal for power generation and industrial use, said its consolidated net profit declined 20% year-on-year to 87.43 billion rupees ($998 million) in the quarter ended June 30.

Revenue from operations dropped 4.4% to 358.42 billion rupees.

Coal-fired power generation, which remains the dominant source of electricity in India, declined by nearly 3% in the first half of 2025.

Meanwhile, overall power output growth declined by 1.5% as a milder summer — driven by earlier-than-expected monsoon showers — reduced demand for coal.

Coal India's average realisation from so-called e-auction sales stood at 2,331.51 rupees per ton in June-quarter, lower than the 2,410.94 rupees per ton in the year-ago period, while overall average price realisation of coal supplied rose by two rupees from a year ago.

The company gets 10% of its sales through e-auctions at near-spot rates, and sells the rest of its output to domestic customers through long-term contracts.

($1 = 87.6040 Indian rupees)

(Reporting by Manvi Pant and Anuran Sadhu in Bengaluru; Editing by Mrigank Dhaniwala)

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July 1 (Reuters) - Coal India Ltd COAL.NS:

• COAL INDIA LTD - COLLABORATION IN COPPER AND CRITICAL MINERALS SECTORS

Source text: ID:nNSE8TKVV6

Further company coverage: COAL.NS

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June 27 (Reuters) - Coal India Ltd COAL.NS:

• COAL INDIA - EQUITY INVESTMENT IN TALCHER FERTILIZER

• COAL INDIA - ACQUIRING 1.07 BILLION SHARES AT 10 RUPEES EACH

Source text: [ID:]

Further company coverage: COAL.NS

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June 5 (Reuters) - Coal India Ltd COAL.NS:

• COAL INDIA LTD - CO AND INDIAN PORT RAIL SIGN MOU FOR RAIL INFRASTRUCTURE

Source text: ID:nBSE8fp6X9

Further company coverage: COAL.NS

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** Shares of Coal India COAL.NS fall 2% to 391.90 rupees

** Morgan Stanley says thermal power demand could have struggled during May and impacted COAL's volumes

** COAL's offtake fell 7.8% Y/Y in May, production fell 1.4% Y/Y

** Brokerage expects some inventory digestion before seeing COAL's offtake picking up materially

** Continued weak offtake amid weak global coal prices will likely weigh on COAL's Q1 and FY26 estimates, unless power demand improves sharply - note

** Morgan Stanley's rating for COAL is "equal-weight", PT at 450 rupees

** COAL up 2% YTD

(Reporting by Vijay Malkar)

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** Shares of miner Coal India COAL.NS jumps 3% to 415 rupees, top pct gainer on benchmark Nifty 50 .NSEI

** NSEI down 0.2% on the day

** Co will "soon" file IPO papers for its two units - Bharat Coking Coal Ltd (BCCL) and Central Mine Planning and Design Institute (CMPDI), newspaper Hindu BusinessLine reported, quoting a co executive

** Coal India did not immediately respond to Reuters' request for comment

** YTD stock has risen ~8%

(Reporting by Hritam Mukherjee in Bengaluru)

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May 8 (Reuters) - Coal India COAL.NS will set up clean energy projects of around 4.5 gigawatts at a cost of 250 billion rupees (about $3 billion), it said on Thursday, as it aims to achieve net zero carbon emissions from its operations.

The state-owned miner has been diversifying beyond the polluting fuel, which is still key for the country's power needs, as a part of the wider national aim to achieve net zero carbon emissions by 2070.

The coal giant targets to supply clean energy through solar and wind energy projects to the upcoming green ammonia facilities of AM Green Ammonia (India). It did not give a date for building these projects.

AM Green, in which the founders of India's Greenko Group have large stakes, targets to produce 5 million tons per annum (MTPA) of green ammonia by 2030.

Coal India's clean energy projects come amid its drive to expand its coal-powered capacity, and at a time when electricity demand in the country has been increasing thanks to climate change and increasing industrialisation.

India aims to raise its coal-fired capacity by 80 gigawatts by 2031–32, from the current 222 GW, to meet growing demand for power, and, in parallel, the country is also aiming to add at least 500 GW of clean energy by 2030, against 172 GW currently.

However, India's renewable energy sector is grappling with several obstacles, including weak demand for tenders, land acquisition challenges, delays in power purchase agreements, and project cancellations.

($1 = 85.6370 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Savio D'Souza)

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May 7 (Reuters) - Coal India Ltd COAL.NS:

• MOU BETWEEN COAL INDIA LTD (CIL) AND AM GREEN AMMONIA (INDIA)

• MOU FOR SUPPLYING RENEWABLE POWER TO AM GREEN'S GREEN AMMONIA PROJECT

Source text: ID:nBSE9sWDpJ

Further company coverage: COAL.NS

(([email protected];))

The views expressed here are those of the author, a columnist for Reuters.

By Clyde Russell

LAUNCESTON, Australia, May 6 (Reuters) - Asia's seaborne thermal coal prices have slumped to four-year lows as the region's heavyweight buyers China, India and Japan all import less of the power-station fuel.

Prices for the main grades of thermal coal shipped from top exporters Indonesia and Australia have been on a sustained downtrend since October last year, and this has accelerated in recent weeks as import volumes have weakened.

China, the world's biggest buyer of thermal coal, saw imports drop to 22.72 million metric tons in April, down from 23.84 million tons in March, according to data compiled by commodity analysts Kpler.

For the first four months of 2025, China imported 91.56 million tons, down 13.1% from the 105.4 million tons in the same period a year earlier, according to Kpler.

The fall in China's thermal coal imports comes amid weaker coal-fired generation and record high domestic coal output.

First-quarter thermal power generation in China, which is overwhelmingly coal-fired with only tiny volumes of natural gas, fell 4.7% as both hydropower and renewable generation rose.

Meanwhile, domestic coal production hit a record high of 440.58 million tons in March, up 9.6% on year, helping boost first-quarter output by 8.1% to 1.2 billion tons.

The combination of rising local output and lower coal-fired generation has led China's domestic coal prices to weaken, with consultants SteelHome assessing thermal coal at the port of Qinhuangdao SH-QHA-TRMCOAL at 660 yuan ($90.78) a ton last week, a four-year low and down 25% from early October.

The sliding domestic price has reflected in import prices, which have had to drop in order to remain competitive.

Australian coal with an energy content of 5,500 kilocalories per kilogram (kcal/kg), a grade popular with Chinese buyers, dropped to $69.98 a ton in the week to May 2, according to an assessment by commodity price reporting agency Argus.

This was the first time the price had dropped below $70 since May 2021, and it is now 22.5% below the most recent peak of $90.29 from early October.

Indonesian thermal coal has suffered a similar fate, with the 4,200 kcal/kg grade, which is popular with both Chinese and Indian buyers, dropping to $48.42 a ton in the week to May 2, a four-year low and down 7.5% since October.

It's worth noting that this grade has lost less than Australian coal, and that's most likely a reflection of some recent strength in India's imports of thermal coal.

INDIA DEMAND

India imported 15.31 million tons in April, the most since May last year, and up from 14.4 million tons in March.

However, the rebound in March and April from a weak January-February period still means that for the first four months of 2025, India's thermal coal imports are down 6.7% to 53.33 million tons, according to Kpler data.

The question for the market is whether the recovery in March and April is likely to sustain, and there are some signs that it could.

India's government has extended a mandate for power plants using imported fuel to operate at full capacity until June 30, a move that will underpin demand for seaborne cargoes.

This move was likely a response to both rising electricity demand and Coal India's COAL.NS struggles to meaningfully lift domestic output.

The state-controlled company's production for the fiscal year that ended on March 31 rose a mere 1% to 781.1 million tons, well short of its initial target of 838 million tons.

But it's likely that even if India does continue to import robust volumes of thermal coal, it's unlikely that these will be high enough to offset the loss of demand from China.

Japan, the world's third-biggest coal importer, also saw lower arrivals in the first four months of the year, with Kpler recording seaborne volumes of 34.71 million tons, down 4.9% from the 36.48 million tons for the same period in 2024.

Japan mainly imports higher-grade coal from Australia, and the weekly index for 6,000 kcal/kg fuel rose slightly to $93.79 a ton in the period to may 2, up from a four-year low of $91.58 the week prior.

The overall picture for thermal coal in Asian seaborne markets is that prices are weakening in line with volumes, a process likely to continue as long as China's coal-fired generation struggles and the country's mines produce at high levels.

The views expressed here are those of the author, a columnist for Reuters.

(Editing by Kim Coghill)

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April 21 (Reuters) - Coal India COAL.NS, the country's top coal producer, will build a 1,600 megawatt coal-powered plant through a joint venture in the eastern state of Jharkhand at an investment of 165 billion rupees ($1.94 billion) to meet increasing power demand.

The state-run company on Monday signed a non-binding memorandum of understanding with state-run power generator Damodar Valley Corporation for setting up the plant, which will have two 800 MW units and will be an expansion of an existing 500 MW plant.

The state-run company is also building two thermal power plants at its coal pit-heads in the central Indian state of Madhya Pradesh with 660 MW capacity, and a 1,600 MW plant in the eastern state of Odisha, both due for completion by 2030.

India aims to ramp up its thermal power capacity to meet growing domestic electricity demand even as it aims to increase non-fossil power capacity amid weak demand for tenders and project cancellations.

Private companies such as Tata Power TTPW.NS, JSW Energy JSWE.NS, and the Adani Group are also eyeing coal power capacity additions.

($1 = 85.1350 Indian rupees)

(Reporting by Sethuraman NR; Editing by Mrigank Dhaniwala)

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By Neha Arora

NEW DELHI, April 4 (Reuters) - Indian officials will visit Chile next week to discuss plans for four state companies to take a stake in two lithium projects of the world's No. 2 producer of the metal, SQM SQMA.SN, a source said.

The world's fastest-growing major economy has ramped up efforts to secure a steady supply of lithium as demand rises for the metal used in electric vehicle batteries, key to emissions reduction efforts in the world's third-largest emitter.

Government-backed Khanij Bidesh India Ltd (KABIL), Coal India COAL.NS, Oil India OILI.NS, and ONGC Videsh ONVI.NS are in talks with SQM for stakes of 20% in its Mount Holland and Andover projects in Australia, Reuters reported last week.

The Indian delegation will hold discussions with top SQM executives when it travels to Chile next week for a global copper conference, the source said, speaking on condition of anonymity as the talks were not public.

Executives from state-run Hindustan Copper HCPR.NS and leading private copper firms Hindalco Industries HALC.NS and JSW are also expected to visit Chile, the source said.

Hindustan Copper told Reuters it will send a few executives to Chile to attend the copper conference and hold other meetings.

The mines ministry, Hindalco, and JSW did not respond to emails from Reuters to seek comments.

India and Chile held talks this week to renew a preliminary pact on geology and mineral resources.

This week Chile's state-owned Codelco, the world's largest copper producer, said it would supply copper concentrates to the $1.2-billion smelter of India's Adani Group, which is the world's largest single-location plant of its kind.

Codelco has also signed a separate preliminary pact with Hindustan Copper to collaborate on exploring and processing minerals.

India's copper imports have surged since the 2018 closure of Vedanta's VDAN.NS Sterlite Copper smelter, which produced around 400,000 metric tons of the metal.

It has recently stepped efforts to strike overseas deals for access to critical minerals in resource-rich countries such as Argentina, Australia, and Chile.

New Delhi is also exploring an initial agreement with cobalt-rich Congo.

(Reporting by Neha Arora; Editing by Mayank Bhardwaj; Editing by Clarence Fernandez)

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April 2 (Reuters) - Coal India Ltd COAL.NS:

• COAL INDIA CHAIRMAN: LOOKING FOR LITHIUM IN ARGENTINA AND AUSTRALIA

Source text: [ID:]

Further company coverage: COAL.NS

(([email protected];;))

April 1 (Reuters) - Coal India Ltd COAL.NS:

• COAL INDIA - APPROVED ENHANCEMENT OF NOTIFIED PRICE OF COAL BY 10 RUPEES PER TON

• COAL INDIA - APPROVED ENHANCEMENT OF NOTIFIED PRICE OF COAL BY 10 RUPEES PER TON

Source text: ID:nBSEccBJg4

Further company coverage: COAL.NS

(([email protected];))

By Neha Arora

NEW DELHI, March 28 (Reuters) - Four Indian state firms are in talks with Chilean miner SQM SQMA.SN to acquire a 20% stake in its two lithium projects in Australia for $600 million, four sources said, in New Delhi's biggest effort to secure supplies of the key EV battery metal.

Government-backed Khanij Bidesh India Ltd (KABIL) has partnered with Coal India COAL.NS, Oil India OILI.NS, and ONGC Videsh ONVI.NS to seek the 20% stake in SQM's Mount Holland and Andover lithium projects in Western Australia, the sources said.

The sources did not wish to be named as the deliberations were not public.

SQM is the world's second-largest lithium producer.

India, the world's fastest-growing major economy, has intensified efforts to secure a steady supply of lithium, anticipating a surge in demand for the EV battery metal, which is critical to reducing carbon emissions from the world's third-largest emitter.

"This is so far India's biggest attempt to secure lithium supplies overseas," one of the sources said. "The due diligence is on, and the companies have expressed their interest with an initial offer."

KABIL, along with the three state companies, is in the process of appointing a mergers and acquisitions adviser for the deal, the sources said.

SQM, KABIL, Coal India, Oil India, and ONGC Videsh did not respond to Reuters' requests for comment.

India's plans to acquire stakes in SQM's projects have not been reported previously.

New Delhi formed KABIL - a joint venture between the state-owned National Aluminium Company, Hindustan Copper, and Mineral Exploration and Consultancy - a few years ago to acquire, develop, and process strategic minerals overseas for use in India.

India has recently stepped up efforts to secure overseas agreements for accessing critical minerals in resource-rich nations like Argentina, Australia, and Chile.

New Delhi is also exploring an initial agreement with cobalt-rich Congo.

Last year, KABIL signed an exploration and development agreement with a state-owned firm in Argentina for the exploration and mining of five lithium blocks.

Amid growing energy needs, India is trying to encourage EV production to reduce its reliance on fossil fuels.

EV sales in India accounted for just 2.5% of the 4.3 million cars sold in 2024, but their 20% growth rate outpaced the overall car market's 5% growth. Analysts expect sales to double in 2025 from 100,000 units in the previous year, mainly due to new launches.

(Reporting by Neha Arora; additional reporting by Melanie Burton in Melbourne; editing by Mayank Bhardwaj and Sonali Paul)

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** MSTC MSTC.NS jumps 4.9% to more than six-week high of 540.15 rupees

** State-run firm providing e-commerce services across industries gets order for e-auction services from Coal India COAL.NS

** Contract for a period of 2 years

** Stock gained 12.4% last week, highest in four months

** Year-to-date, MSTC sheds 24%

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

SINGAPORE, March 12 (Reuters) - India plans to establish a coal trading exchange to buy and sell domestically produced coal amid growing output from mines operated by private companies, the federal government said in a notice seeking comments on the proposal.

The world's fastest growing major economy opened up coal mining to private companies earlier this decade, ending the near-monopoly of state-run Coal India COAL.NS, the world's largest coal miner. The privatised mines are expected to produce 350-400 million metric tons of coal by 2030.

"In the scenario of increased availability of domestic coal in the country, there is a necessity to introduce further reforms in the coal sector with focus on promoting competitive markets for sale of coal," the federal coal ministry said in a notice dated March 7.

Coal India currently accounts for about three quarters of over 1 billion tonnes of coal mined, and sold subsequently in the second largest coal market behind China.

The proposed exchange will provide a marketplace for commercial miners and those mining for their own use to sell surplus coal, alongside public sector companies including Coal India, the notice said, adding that it aims to transform the existing "one-to-many" sales model into a "many-to-many" platform.

(Reporting by Sudarshan Varadhan
Editing by Tomasz Janowski)

(([email protected]; +65 91164984;))

** Shares of MSTC MSTC.NS rise as much as 5.4% to 484.60 rupees

** E-commerce co on Monday said it has been awarded a 2-year contract by Coal India COAL.NS to provide e-auction services for coal and coal products

** Co did not disclose financial details of the contract

** More than 498,000 shares change hands, 1.5x of 30-day avg

** Stock last up 3%, cutting YTD loss to 30.2%

(Reporting by Ashish Chandra in Bengaluru)

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March 10 (Reuters) - Coal India Ltd COAL.NS:

• MSTC LTD - RECEIVED WORK ORDER FROM COAL INDIA

Source text: ID:nNSE4fDZYL

Further company coverage: COAL.NS

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** Coal India COAL.NS drops 3.1% to 358.05 rupees; among top three drags on Nifty 50 .NSEI, which is trading flat

** State-run miner reports 0.8% y/y decline in production, 4.8% y/y drop in offtake for February

** Morgan Stanley says, "Sharp moderation in offtake was a negative and should weigh on Q4 earnings estimates"

** Adds slow pick-up in power demand continued to drag on production, offtake

** Stock shed as much as 4.6% earlier in the session

** COAL rated "buy" on avg; median PT is 475 rupees - LSEG

** Year-to-date, stock loses 3.9%

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** Shares of Coal India COAL.NS rise 2.9% to 374 rupees; top pct gainer in Nifty 50 index .NSEI, which is down 1.1%

** Coal India on Thursday announced price hike at all mines of Northern Coalfields, its third biggest unit by volume

** Coal India expects additional revenue of 38.78 billion rupees ($443.85 million) due to coal price hike

** JP Morgan hikes PT on Coal India to 420 rupees from 390 rupees, after cutting PT by 30 rupees early this week

** Price hike partially offsets softening international thermal coal prices, to add 8%-9% to FY26-27 EBITDA, JP Morgan says

** Coal India rated "buy" on average, median PT at 475 rupees - data compiled by LSEG

** Coal India down 2.5% YTD vs ~6% drop in Nifty 50

($1 = 87.3720 Indian rupees)

(Reporting by Sethuraman NR in Bengaluru)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

Feb 27 (Reuters) - Coal India Ltd COAL.NS:

• COAL INDIA LTD - CIL BOARD APPROVES 300 RUPEES PER TONNE CHARGE FROM MAY 1, 2025

• COAL INDIA LTD - EXPECTED ADDITIONAL REVENUE AROUND 38.78 BILLION RUPEES

• COAL INDIA - 300 RUPEES PER TONNE CHARGE LEVIED UNIFORMLY ACROSS ALL MINES OF NORTHERN COALFIELDS

Source text: ID:nNSE2dN7FQ

Further company coverage: COAL.NS

(([email protected];))

NEW DELHI, Feb 23 (Reuters) - India's state-run Coal India Ltd COAL.NS on Sunday said it will establish a joint venture with an arm of France's EDF to build renewable power plants in South Asian countries.

The joint venture between Coal India and EDF India, will set up pumped-storage hydropower projects and other renewable energy projects in India and neighbouring countries, Coal India said in a stock exchange announcement.

The two companies have signed a non-binding shareholders agreement to form the joint venture, it said.

(Reporting by Sarita Chaganti Singh; Editing by Tom Hogue)

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By Sethuraman N R and Sudarshan Varadhan

NEW DELHI, Feb 11 (Reuters) - India's thermal coal imports are expected to fall for the second straight year in 2025 due to decreasing dependence on coal for power generation, slowing economic activity and record high inventories, industry officials said this week.

All six Indian and international coal traders Reuters spoke with at the Coaltrans India conference in New Delhi expected shipments of the fuel to decline this year.

Three of the traders expected imports to plunge by around 10% to about 155 million metric tons. Two of them expected a fall of 1-2%, while another trader forecast a 7-8% decline. None of the traders wanted to be identified as they were not authorised to speak to the media.

The tepid outlook for the world's second largest importer of the polluting fuel behind China comes as traders are worried about a global coal supply glut. Lower Indian appetite for imports could further pressure prices.

India's imports of the power generating fuel declined about 2% to 173 million metric tons in 2024, data from consultancy Bigmint showed, due mainly to surging production by the world's largest coal miner Coal India COAL.NS, which pushed stockpiles at power plants to record highs.

Higher production by Coal India has helped India slash dependence on imports by 5.5 percentage points over a decade to 20.5% in 2024, data from Indian coal trading firm I-Energy showed.

The drop in imports were also driven by an increased demand for petroleum coke by the cement industry, as the price-sensitive market preferred the less expensive alternative, the data showed.

"2025 is expected to see the cement sector prioritizing petcoke over thermal coal due to its competitive pricing," Vasudev Pamnani, director at I-Energy said in his presentation, adding that higher production by private miners also resulted in reduced buying by traders.

(Reporting by NR Sethuraman and Sudarshan Varadhan; Editing by Kim Coghill)

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By Lucila Sigal

BUENOS AIRES, Jan 29 (Reuters) - India is looking to expand its investments in Argentina's mining, gas and oil sectors, with a focus on lithium, to secure resources needed for its energy transition, the country's mining secretary told Reuters.

Secretary V.L. Kantha Rao visited Buenos Aires for the first in-person meeting with Argentine counterparts since the two countries tied up a preliminary agreement in 2022 on mineral exploration, critical minerals supply and technology development.

Indian state firms Khanij Bidesh India Ltd (KABIL) and Coal India COAL.NS, along with private company Greenko, are already exploring lithium in Argentina's northwest province of Catamarca, on the border with Chile.

"We hope that in the next six months there will be a new announcement," Rao told Reuters at an event at the Indian embassy in Argentina on Tuesday, where he added that there is interest in other nearby provinces such as Salta.

India, a major greenhouse gas emitter, is securing key minerals in resource-rich nations like Australia, Argentina, and Chile. Prime Minister Narendra Modi's government has identified 30 critical minerals, including lithium, for its clean energy push.

"India has a very ambitious plan to transition many vehicles to electric. We aim to convert 30% of our vehicles by 2030," India's ambassador to Argentina, Dinesh Bhatia, told Reuters.

Indian officials, who will visit Catamarca and meet Argentine Economy Minister Luis Caputo, touted potential benefits from the Latin American nation's so-called Large Investment Incentive Regime (RIGI), which offers tax benefits for investments over $200 million.

"We want a stable (framework), not one that changes every five years," Rao told reporters. "Right now, policies are investment-friendly, and companies are coming."

Argentina, the world's fourth-largest lithium exporter, is part of the "lithium triangle" with Chile and Bolivia. President Javier Milei is pushing deregulation to attract investment and ease a prolonged economic crisis.

India is also eyeing investments in Argentina's copper, gold, gas and oil resources. Last week, Argentina's state-controlled oil firm YPF YPFDm.BA signed a memorandum of understanding with three Indian companies for potential liquefied natural gas (LNG) exports.

(Reporting by Lucila Sigal; Writing by Natalia Siniawski; Editing by Kirsten Donovan)

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** Coal India COAL.NS reported Q3 profit fall on Monday, hurt by a drop in sales volumes due to weak power demand

** At least eight analysts cut PT after results, median PT at 490 rupees vs 541 rupees a month ago - LSEG data

** Stock rated "buy" on average - LSEG data

COAL VOLUME GROWTH LIKELY STRONG IN NEAR-MEDIUM TERM

** PhillipCapital ("buy"; PT 535 rupees) says medium-term structural volume growth story intact as India's peak energy demand expected to grow at 7% CAG

** CLSA ("outperform"; cuts PT to 490 rupees from 560 rupees) says near-term coal demand likely strong, volume growth likely to pick up with new thermal capacities coming up in India

** Jefferies ("buy"; PT 475 rupees) says India's strong economic growth outlook should fuel healthy coal volume growth, e-auction premiums should recover

(Reporting by Sethuraman NR in Bengaluru)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))