COALINDIA

** 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)

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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)

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** 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)

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** 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)

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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

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Adds detail, paragraphs 4,5

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

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.

EDF also signed a joint venture agreement with state-run Indian power company NTPC NTPC.NS to set up hydropower projects and explore opportunities in power distribution, an NTPC statement said.

The 50-50 joint venture will set up projects within India and neighbouring countries, the statement said.

(Reporting by Sarita Chaganti Singh
Editing by Tom Hogue and David Goodman)

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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)

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** State-owned miner Coal India COAL.NS slides 2% to 375.4 rupees ahead of Q3 results later in the day

** Analysts, on avg, expect COAL to report ~5% y/y decline in Q3 consol profit to 86.57 bln rupees ($1 bln), per LSEG data

** Axis Securities expects adjusted core profit to fall 5% y/y on lower realisation due to weaker e-auction premiums, partially offset by higher offtake

** Analysts' avg rating on stock is "buy", median PT is 525 rupees - LSEG data

** COAL stock lost ~25% in Oct-Dec, its biggest qtrly loss since March 2020

** Stock gained 2% in 2024 vs 8.8% rise in Nifty 50 index .NSEI

($1 = 86.3800 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

Jan 6 (Reuters) - Coal India Ltd COAL.NS:

• COAL INDIA LTD - CO AND IREL SIGN MEMORANDUM OF UNDERSTANDING

• COAL INDIA LTD - MOU AIMS TO DEVELOP CRITICAL MINERALS

Source text: ID:nNSE5CSq9g

Further company coverage: COAL.NS

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** Shares of solar power company KPI Green Energy KPIG.NS rise 2.6% to 799.40 rupees

** KPIG gets order for setting up 300 MW alternating current solar photovoltaic plant, including operation and maintenance for 5 years, from Coal India COAL.NS

** Project will be executed at Khavda in Gujarat at contract price of 13.11 bln rupees ($154.72 mln)

** KPIG up 63% YTD

($1 = 84.7310 Indian rupees)

(Reporting by Vijay Malkar)

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Dec 2 (Reuters) - Bharat Petroleum Corporation Ltd BPCL.NS:

• COAL INDIA - MEMORANDUM OF UNDERSTANDING BETWEEN COAL INDIA AND BHARAT PETROLEUM CORPORATION

• COAL INDIA - MOU TO EXPLORE SETTING UP COAL TO SYNTHETIC NATURAL GAS PROJECT

  
  

Further company coverage: BPCL.NS

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Nov 29 (Reuters) - Coal India Ltd COAL.NS:

• REVISION OF ADD-ON PRICE OF COAL WITH RESPECT TO RAJMAHAL AREA OF EASTERN COALFIELDS

• EASTERN COALFIELDS TO EARN ADDITIONAL 3 BILLION RUPEES PER ANNUM

• APPROVES REVISION OF ADD-ON PRICE OF UNIT TO 700 RUPEES PER TONNE

Source text: ID:nNSE8jVqMN

Further company coverage: COAL.NS

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Nov 21 (Reuters) - Coal India Ltd COAL.NS:

• TO ALLOW COAL SUPPLIES BEYOND ANNUAL CONTRACTED QUANTITY TO NRS CUSTOMERS

Source text: ID:nNSE5PRSgQ

Further company coverage: COAL.NS

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

• COAL INDIA - OCT OFFTAKE FALLS 0.5% Y/Y

• COAL INDIA - OCT PRODUCTION UP 2.3% Y/Y

Source text: ID:nnAZN2JUPK5

Further company coverage: COAL.NS

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** Shares of Coal India COAL.NS fall 4.6% to 440 rupees

** Stock is top pct loser in benchmark Nifty 50 .NSEI

** The miner's Q2 earnings came in below analysts' average expectations, as per data compiled by LSEG

** Ahead of results on Friday, COAL logged a fourth straight weekly loss

** Q2 was a muted quarter, says Antique Stock Broking

** Brokerage cuts stock's TP to 598 rupees from 640 rupees, but retains "buy" rating

** Q2 core profit miss on low volumes and tepid pricing environment, Systematix says, after it trims TP to 508 rupees from 536 rupees but maintains "hold"

** Atleast six analysts of 22 covering COAL cut TP after co's results - LSEG data

** YTD, stock has risen over 17%

(Reporting by Hritam Mukherjee in Bengaluru)

(([email protected];))

** Shares of Coal India COAL.NS fall 2.3% to 466.2 rupees, their lowest since June

** Stock among worst losers on Nifty Energy index .NIFTYENR which is down 1.3%

** Analysts on average expect a ~5% drop in Q2 consolidated net profit and 4% drop in revenue, as per data compiled by LSEG

** Higher rainfall reduced air-conditioning demand, weighing on power consumption, said analysts at Elara Capital

** ICICI Securities expects e-auction premium and volume to stay healthy, but flags subdued demand from power sector

** Twenty two analysts covering the stock on avg have a "buy" rating; median PT is 565 rupees - LSEG data

** Stock up around 24% YTD vs a 17.8% gain in Nifty Energy index

(Reporting by Ashna Teresa Britto in Bengaluru)

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By Sudarshan Varadhan and Gabrielle Ng

Oct 9 (Reuters) - India's coal-fired power output fell for a second straight month in September on an annual basis due to slower growth in electricity use and a surge in solar generation, a Reuters review of data from the federal grid regulator showed.

The decline reflects a shift in fuel use patterns in the world's fastest growing major economy and third-largest greenhouse gas emitter. It follows 47 straight months of year-over-year growth in coal use for power generation.

Electricity use in India has been rising since the pandemic due to a surging economy as well as heatwaves. However, higher rainfall during this year's monsoon reduced air-conditioning demand and weighed on power consumption, analysts say.

Total power generated from plants running on coal and lignite fell 5.8% annually in September and 4.9% in August, data from state-run Grid-India showed, compared with a 10% growth during the first seven months of the year.

Slowing growth in overall power demand, which grew 1.1% year-over-year during the September quarter compared with a 9.7% increase during the first half of the year, has helped the country reduce coal use.

Heavy September rainfall in the west and north resulted in lower power demand, CRISIL, a unit of ratings agency S&P, said in a recent note.

Meanwhile, higher installations boosted solar power generation up by 26.4% annually in September - the highest rate of growth in 12 months - pushing the share of renewable energy in India's electricity output to a record high of 13.9% during the quarter.

Higher rainfall in key states also helped cut the share of coal-fired power during the quarter to the lowest in two years, as it helped hydropower generation grow more than 26% in September from the same month a year ago.

An 18.5% rise in nuclear power generation during the quarter was also among the factors that helped reduce dependence on coal to 67.2% of total generation, the Grid-India data showed.

Lower coal dependence weighed on imports of the fuel, which fell 6.1% in September, the steepest rate of decline in 12 months, data from consultancy Bigmint showed.

Coal production and supply during the September quarter by state-run Coal India COAL.NS, the world's largest coal miner which accounts for nearly 80% of the country's domestic output, fell at the fastest rate since the June 2020 quarter, data on its website showed.

Still, industry officials expect economic growth to lift power demand. Fitch analysts expect power demand to grow 8% in 2024, compared with a gain of 6.5% in 2023, mainly driven by industrial growth and overall economic activity.

(Reporting by Sudarshan Varadhan and Gabrielle Ng in Singapore; Editing by Lincoln Feast.)

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

• SEPT COAL PRODUCTION DOWN 1% Y/Y

• SEPTEMBER OFFTAKE AT 54.4 MILLION TN, DOWN 1.4%

Source text for Eikon: [ID:]

Further company coverage: COAL.NS

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Sept 30 (Reuters) - Coal India Ltd COAL.NS:

• MAKES INTEREST RATES UNIFORM FOR DELAYED RECEIVABLES

• MAKES INTEREST RATES UNIFORM FOR DELAYED RECEIVABLES, EFFECTIVE OCT 1

• POLICY TWEAK IS FOR COAL SOLD UNDER DIFFERENT FSAS AND SCHEMES

• NEW INTEREST RATES ARE APPLICABLE FOR DELAY IN PAYMENTS BEYOND 30 SEPT

• CIL'S REVISED INTEREST RATE IS REPO RATE OF RBI PLUS 3%

Source text for Eikon: ID:nNSE5Y1MCH

Further company coverage: COAL.NS

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Sept 25 (Reuters) -

• INDIA GOVERNMENT: COAL IMPORTS IN APRIL-JULY FY 2024-25 EXPERIENCED INCREASE OF 0.9%, REACHING 90.51 MT

• INDIA GOVERNMENT: COAL IMPORTS FOR BLENDING PURPOSES DECREASED BY 8.2% DURING THE SAME PERIOD

• INDIA GOVERNMENT: COAL IMPORTS IN APRIL-JULY FY 2024-25 IN NON-REGULATED SECTOR DECLINED 11% TO 44.97 MT

• INDIA GOVERNMENT: COAL IMPORT FOR POWER SECTOR DURING APRIL-JULY AT 17.69 MT, UP FROM 10.12 MT YOY

Further company coverage: COAL.NS

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Sept 23 (Reuters) - Coal India Ltd COAL.NS:

• JOINT VENTURE AGREEMENT(JVA) BETWEEN COAL INDIA LIMITED (CIL) AND RAJASTHAN RAJYA VIDYUT UTPADAN NIGAM

• AGREEMENT FOR RENEWABLE ENERGY BUSINESS IN RAJASTHAN

• SHARES SHALL BE ISSUED AFTER INCORPORATION OF JVC IN RATIO OF EQUITY SHAREHOLDING

• INITIAL PAID-UP SHARE CAPITAL OF JVC SHALL BE 1 MILLION RUPEES

• CO TO HOLD 74% STAKE IN JV, RRVUNL TO HOLD 26%

Source text for Eikon: ID:nBSE8RmM2m

Further company coverage: COAL.NS

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By Neha Arora

NEW DELHI, Sept 18 (Reuters) - State-run Coal India COAL.NS is scouting for critical minerals in Argentina and is in talks with officials in Chile for lithium, India's federal mines secretary V. L. Kantha Rao said on Wednesday.

India has been exploring ways to secure supplies of lithium, a critical raw material used to make electric vehicle batteries.

Prime Minister Narendra Modi's government last year listed 30 minerals, including lithium, nickel, titanium, vanadium and tungsten, as critical to drive the adoption of clean energy.

"Coal India and some other companies are looking at Argentina," Rao told reporters on the sidelines of an industry conference.

In June Reuters reported that Coal India was exploring lithium blocks in Argentina along with a U.S. company to secure supplies of the battery material as part of India's efforts under the U.S.-led Minerals Security Partnership (MSP).

India, among the world's top greenhouse gas emitters, has been pursuing overseas pacts to secure key minerals in resource-rich countries such as Australia, Argentina and Chile.

India's state-owned firm Khanij Bidesh India Ltd (KABIL) is pursuing leads in Australia for critical minerals, Rao said, adding that KABIL had also secured permission for "non-invasive" exploration in Argentina.

"KABIL has got five blocks and for three blocks, they have permission to do non-invasive exploration," he said.

In January KABIL signed a $24 million lithium exploration pact for five blocks in Argentina.

(Reporting by Neha Arora
Editing by Gareth Jones)

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Repeats story that ran late on Monday, with no changes

By Neha Arora

NEW DELHI, Aug 19 (Reuters) - Indian metal and mining companies' operating costs are likely to rise significantly if state governments impose additional mining taxes in the wake of a Supreme Court ruling, Fitch Ratings said in a note on Monday.

India's top court late last month upheld the right for state governments to levy taxes on minerals extraction and last week allowed them to do so restrospectively, dating back to April 1, 2005. The taxes would be paid over a period of 12 years in instalments starting from April 1, 2026, the court ruled.

The case followed a long-running dispute between Indian states and the federal government over states' right to impose taxes on minerals.

"We see increased risks from a sustained weakening of the companies' EBITDA (Earnings before Interest, Tax, Depreciation, and Amortisation) margins due to the prospective levies," Fitch Ratings said. The rating agency said the credit risk from prospective levies would be higher for Tata Steel TISC.NS than for JSW Steel JSTL.NS. "We believe Tata Steel Limited's (TSL, BBB-/Negative) low rating headroom exposes it to greater credit risks from the impact of prospective taxes compared with JSW Steel Limited," Fitch said. The rating agency said steel and mining companies were more at risk from state-imposed taxes than other sectors such as power and cement companies operating in the mining industry. "Metal and mining companies have limited ability to pass on the potential increase in operating costs, as their products track global prices," Fitch said. The impact of the court ruling would gradually become clearer over the next few quarters, Fitch said, adding it was not yet known whether individual states would step up requests for past dues or impose additional taxes.

Last week, brokerage Macquarie said the retrospective tax levy would hit state-run Coal India COAL.NS, which and Tata Steel the most among metals and mining firms.

(Reporting by Neha Arora; Editing by Mayank Bhardwaj and Susan Fenton)

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By Neha Arora

NEW DELHI, Aug 19 (Reuters) - Indian metal and mining companies' operating costs are likely to rise significantly if state governments impose additional mining taxes in the wake of a Supreme Court ruling, Fitch Ratings said in a note on Monday.

India's top court late last month upheld the right for state governments to levy taxes on minerals extraction and last week allowed them to do so restrospectively, dating back to April 1, 2005. The taxes would be paid over a period of 12 years in instalments starting from April 1, 2026, the court ruled.

The case followed a long-running dispute between Indian states and the federal government over states' right to impose taxes on minerals.

"We see increased risks from a sustained weakening of the companies' EBITDA (Earnings before Interest, Tax, Depreciation, and Amortisation) margins due to the prospective levies," Fitch Ratings said.

The rating agency said the credit risk from prospective levies would be higher for Tata Steel TISC.NS than for JSW Steel JSTL.NS.

"We believe Tata Steel Limited's (TSL, BBB-/Negative) low rating headroom exposes it to greater credit risks from the impact of prospective taxes compared with JSW Steel Limited," Fitch said.

The rating agency said steel and mining companies were more at risk from state-imposed taxes than other sectors such as power and cement companies operating in the mining industry.

"Metal and mining companies have limited ability to pass on the potential increase in operating costs, as their products track global prices," Fitch said.

The impact of the court ruling would gradually become clearer over the next few quarters, Fitch said, adding it was not yet known whether individual states would step up requests for past dues or impose additional taxes.

Last week, brokerage Macquarie said the retrospective tax levy would hit state-run Coal India COAL.NS, which and Tata Steel the most among metals and mining firms.

(Reporting by Neha Arora; Editing by Mayank Bhardwaj and Susan Fenton)

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** Retrospective tax levy to hit Coal India COAL.NS, Tata Steel TISC.NS the most among metal cos, says brokerage Macquarie

** India's Supreme Court on Wednesday allowed state governments to collect mining companies' tax dues pending from April 1, 2005

** Brokerage sees "negligible impact" for Hindalco HALC.NS, stock among top pct gainers in benchmark Nifty 50 .NSEI and metal index .NIFTYMET

** Macquarie's estimates on likely financial impact:

** Coal India said it will assess financial impact, Tata Steel said "studying" the order

** Macquarie also sees "some impact" on cement cos; limestone accounts for 2-3% of their costs

** On the day, COAL and TISC up 0.5% and 1.3%, respectively, NIFTYMET gains 1% after two straight sessions of losses

($1 = 83.9380 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru)

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Aug 14 (Reuters) - Coal India Ltd COAL.NS:

• WILL ASSESS THE PROBABLE FINANCIAL IMPACT OF TOP COURT'S TAX ORDER

Further company coverage: COAL.NS

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