Coal India rises 6% on increase in non-coking coal prices

Coal India approves non-coking coal price rise for power non-power consumers

Coal India shares hogged the limelight on the Indian bourses on Tuesday, following the company hiking prices of Non-Coking coal. The price increase is expected to push the miner's revenue up by Rs 1,956 crore for the remaining period of the current fiscal. The projected annual revenue would be Rs 6421 crore.

The Board of Directors of Coal India Ltd in its meeting held on date has approved revision of Non-Coking coal prices. This will be applicable to all subsidiaries of Coal India including NEC for regulated and non-regulated sectors. The miner had also introduced evacuation facility charges at Rs 50 per tonne from December.

Starting January 9, thermal grade coal price has been revised by CIL by 9%. The Kolkata-based state miner has raised prices of some lower grades of the fuel, while reducing those for some higher grades with effect from January 9, the company's marketing director, S.N. Prasad, said by phone. Shares of CIL rose 5.6% to Rs. 304.05 on the BSE. In a statement issued on Wednesday, CIL said coal will be priced according to the heating property of each Kg of the fuel - referred as per unit of calorific value of coal, or Kcal/Kg, in industry parlance - instead of a band-based pricing followed till now. As a result of price hike and additional levy, Coal India's total income would rise by Rs 8,900 crore annually which is significantly more than Rs 5,700 crore the company would add to the total wage bill on account of 20% rise in workmen's salaries.


Coal India raised prices of thermal coal by an average 9%, for both power and non-power consumers.

Sabyasachi Majumdar, Group Head & Senior Vice President, ICRA Ratings says, "Given that coal-based generator with an automatic pass-through of fuel costs account for about 60% of the total power procured by discoms and assuming a partial pass-through by other IPPs with competitively bid PPAs which account for balance, this translates into about 9 paise per unit increase in power procurement cost for discoms on an all India basis".

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