The All India Coal Pensioners’ Association (AICPA) and the All India Association of Coal Executives (AIACE) have written a letter to the Coal Secretary, highlighting the delay in the payment of the minimum pension of Rs 1,000 per month to coal PSU pensioners.

New Delhi: The All India Coal Pensioners’ Association (AICPA) and the All India Association of Coal Executives (AIACE) have raised concerns over the delay in the disbursement of the minimum pension of Rs 1,000 per month to coal PSU pensioners. Despite an amendment notified by the government in March this year, the payment has yet to commence. “Though the government is taking time to understand the plight of coal pensioners, it has issued a Gazette notification No. G.S.R.165(E) dated March 6, 2024, for the enhancement of the minimum pension payable under the Coal Mines Pension Scheme-1998,” the letter dated June 29 stated.

“Subsequently, citing the above Gazette notification, the CMPF Commissioner, via Ref no. CMPFO/CP/116(7)/Gazette Notification/Vol-IV/99 dated March 12, 2024, wrote to the Chairman of CIL and CMD of SCCL, with copies to other concerned persons, organizations, and departments, for information and wider circulation regarding the payment of enhanced pension at Rs 1,000 per month,” said the two bodies representing pensioners and executives in coal PSUs.

“It is regrettable that even after the lapse of three months, the benefit of crediting this minimum pension of Rs 1,000 has not yet started. Many affected pensioners have informed us that the increased pension amount has not been credited to their accounts,” stated PK Singh Rathor, convenor of AIACE and AICPA.

CMPFO has misinterpreted the Gazette notification: Rathor In the letter, Rathor mentioned that the Coal Mines Provident Fund Organisation (CMPFO) has failed to correctly interpret and implement the amended provisions in the Gazette Notification, which decrees that the minimum pension cannot be less than Rs 1,000 per month. “Under these circumstances, we request immediate action so that all pensioners start receiving the minimum pension without further delay,” the letter concluded.

The National Highways Authority of India (NHAI) has implemented several measures for flood preparedness and emergency response on national highways across the country to address waterlogging during the monsoon season.

New Delhi: The National Highways Authority of India (NHAI) has undertaken several initiatives to enhance flood preparedness and provide emergency response on national highways across the country, aiming to mitigate waterlogging issues during the monsoon season, according to an official statement released on Wednesday.

Adopting a multi-pronged approach to offer effective solutions in both hilly and plain regions, the statement further indicated that NHAI field offices are closely coordinating with state administration and officials to inspect national highway stretches.

NHAI has established dedicated emergency response teams equipped with sufficient manpower and machinery, mobilized at each landslide-prone site, the statement added.

According to the statement, in locations where national highways may become blocked due to substantial landslides, an alternative diversion plan has been formulated in collaboration with the district administration.

Additionally, Geotechnical Instrumentation, including real-time monitoring at certain vulnerable slopes and tunnels, has been implemented on a pilot basis.

RBI Governor Shaktikanta Das on Wednesday asked banks to strengthen further the governance standards, risk management practices and compliance culture

New Delhi: Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday asked banks to further strengthen the governance standards, risk management practices and compliance culture.

As part of the Reserve Bank's continuous engagement with the senior management of its regulated entities, Das held meetings with the managing directors (MDs) and chief executive officers (CEOs) of public sector banks and select private banks.

The Governor in his opening remarks noted the continued improvement in banks' asset quality, loan provisioning, capital adequacy, and profitability, the RBI said in a statement.

"While acknowledging the higher resilience and strength of the banking sector, he highlighted the importance of further strengthening the governance standards, risk management practices and compliance culture in banks," Das said.

Persisting gap between credit and deposit growth; liquidity risk management and ALM-related issues; and trends in unsecured retail lending were among the issues which were discussed at length.

Das also emphasised the need for banks to ensure robust cybersecurity controls and effectively manage third-party risks.

He urged them to step up efforts against 'mule accounts' and also intensify customer awareness and education initiatives, among other measures, to curb digital frauds, the statement said.

Cybersecurity, third-party risks, and digital frauds; strengthening of assurance functions; credit flows to MSMEs; increasing the usage of Indian Rupee for cross-border transactions; and banks' participation in innovation initiatives of the Reserve Bank too were discussed in detail.

The meetings were also attended by deputy governors, M Rajeshwar Rao and Swaminathan J, along with executive directors-in-charge of regulation and supervision functions.

The previous such meetings were held on February 14, 2024.

The production of coal from captive and commercial coal mines has increased from 29.26 MT in Q1 of FY24 to 39.53 MT in Q1 of FY25.

New Delhi: The production of coal from captive and commercial coal mines has increased from 29.26 Million Tonnes (MT) in Q1 of FY24 to 39.53 MT in Q1 of FY25, recording a growth of 35 percent year-on-year. “The Ministry of Coal has achieved a remarkable increase in coal production and dispatch from captive and commercial coal blocks for the first quarter, i.e., from 1st April 2024 to 30th June 2024, of the current financial year compared to the same period last year,” stated the ministry on Wednesday.

Similarly, coal dispatch has also shown a growth of 34.25 percent year-on-year, rising from 34.07 MT in Q1 of FY24 to 45.68 MT in Q1 of FY25.

Coal Production from Captive and Commercial Mines

The production of coal from the power sector’s captive coal mines has shown the most significant increase, driven by the demand for more coal for power generation amid a consistent rise in peak power demand. Output from these mines rose from 25.02 MT in Q1 of last year to 30.16 MT in Q1 of this year, marking a 20.5 percent year-on-year growth.

Production from the Non-Regulated Sector (NRS) has grown from 1.44 MT in Q1 of last year to 2.55 MT in Q1 of this year, registering a 77 percent year-on-year increase. Output from sale-of-coal mines has surged impressively, climbing from 2.80 MT in Q1 of last year to 6.81 MT in Q1 of this year, recording a 143 percent year-on-year growth.

Coal Dispatch

Dispatches from the power sector’s captive coal mines increased from 28.90 MT in Q1 of last year to 35.65 MT in Q1 of this year, achieving a 23.3 percent year-on-year growth. Dispatches from NRS coal mines grew from 1.66 MT in Q1 of last year to 2.38 MT in Q1 of this year, reflecting a 43.4 percent year-on-year increase. Dispatch from sale-of-coal mines rose from 3.51 MT in Q1 of last year to 7.64 MT in Q1 of this year, posting a growth of 117.67 percent.

"The Ministry of Coal commends the tireless efforts of all stakeholders, including coal companies and industry partners, for their crucial support. The Ministry of Coal remains firmly committed to assisting all coal block allottees in overcoming challenges and optimizing their operations. The primary goal of the ministry is to significantly boost coal production, ensuring a consistent and reliable supply to meet our nation's escalating energy needs. Through collaborative efforts and targeted support, the Ministry aims to enhance efficiency, sustainability, and output across the coal sector," stated the Coal Ministry.

The maiden visit of the Army Chief to one of the forward locations in the frontier district of Poonch reflects that top priority is being given to ongoing anti-terrorist operations.

Jammu: Within three days of assuming the role as the 30th Army Chief of the Indian Army, General Upendra Dwivedi visited forward locations along the Line of Control (LoC) to gain first-hand insight into the prevailing security situation in the Union Territory of Jammu and Kashmir.

At the Line of Control, General Dwivedi was briefed by field commanders about the operational preparedness of the troops deployed along the LoC to counter the adversary's nefarious designs.

In a post on 'X', the additional directorate general of public information of the Army stated that Chief of Army Staff Dwivedi, along with Northern Army Commander Lt Gen Suchindra Kumar and General Officer Commanding of Jammu-based White Knight Corps Lt Gen Navin Sachdeva, visited forward locations of the 'XVI Corps', also known as the White Knight Corps, to review the security situation along the LoC.

"He was briefed on the operational preparedness by the commanders on the ground. The COAS lauded all ranks for maintaining high standards of professionalism and exhorted them to remain steadfast in meeting all current and emerging security challenges," the additional directorate general of public information said.

Earlier, officials stated that the Army Chief chaired a meeting of field commanders upon reaching Poonch before departing for the forward areas.

The maiden visit of the Army Chief to one of the forward locations in the frontier district of Poonch underscores the top priority being given to ongoing anti-terrorist operations aimed at eliminating foreign terrorists hiding in the area and striking at regular intervals to inflict maximum damage on Indian forces.

The Jammu province has witnessed about five militancy-related incidents this year, resulting in the deaths of nine pilgrims, four militants, and a Central Reserve Police Force (CRPF) jawan.

The ACC has approved the appointments of several officers for filling up Foreign and Captive posts on Wednesday

New Delhi: The Appointments Committee of the Cabinet (ACC) has approved the appointments of several officers for filling up Foreign and Captive posts of the Government of India on Wednesday. Here is the list:

Ashutosh Jindal, a 1995 batch Indian Administrative Service (IAS) officer of Tripura cadre, has been appointed to the post of Minister (Economic) in the Economic Wing, Embassy of India, Washington DC, USA. He has been appointed to the post in place of Ravi Kota (IAS), by temporarily upgrading the post to Additional Secretary-level, for a period of three years from the date of assumption of charge of the post or until further orders, whichever is earlier, by curtailing the tenure of his Central deputation as Additional Secretary, Cabinet Secretariat under the Central Staffing Scheme.

Nikunj Kumar Srivastava, a 1998-batch IAS officer of Madhya Pradesh cadre, has been appointed to the post of Senior Adviser to the Executive Director of World Bank, Washington DC, USA. He has been appointed to the post in place of Rajeev Topno (IAS), by temporarily upgrading the post to Additional Secretary level, for a period of three years from the date of assumption of charge of the post or until further orders, whichever is earlier.

Hrisheekesh Arvind Modak, a 2008-batch IAS officer of Manipur cadre, has been appointed to the post of Adviser to the Executive Director of World Bank, Washington DC, USA. He has been appointed to the post in place of Rajender Kumar (IAS), for a period of three years from the date of assumption of charge of the post or until further orders, whichever is earlier.

Anshika Arora, a 2010-batch Indian Economic Service (IES) officer, has been appointed to the post of Counsellor (Services), Permanent Mission of India (PMI), World Trade Organization (WTO), Geneva. She has been appointed to the post in place of Sangeeta Saxena (IES), on completion of her approved tenure to this post on July 18, for a period of three years from the date of assumption of charge of the post or until further orders, whichever is earlier.

Ashutosh Salil, a 2010-batch IAS officer of Maharashtra cadre, has been appointed to the post of Adviser (Industry & Engineering), Embassy of India, Brussels. He has been appointed to the post in place of N Ashok Kumar (IAS), for a period of three years from the date of assumption of charge of the post or until further orders, whichever is earlier.

Prasanth Chandran, a 2007-batch Indian Economic Service (IES) officer, has been appointed to the post of Director in Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Secretariat, Dhaka. He has been appointed to the post in place of Naresh Kumar (IFS), for a period of three years from the date of assumption of charge of the post or until further orders, whichever is earlier. 

Lokpriya Gopinath Bordoloi International Airport (LGBI) on Wednesday said it has appointed Ashwin Noronha as its new Chief Airport Officer with immediate effect

New Delhi: The Adani Group-controlled Lokpriya Gopinath Bordoloi International Airport (LGBI) on Wednesday said it has appointed Ashwin Noronha as its new Chief Airport Officer with immediate effect.

Noronha has been appointed in place of Utpal Baruah, who was working at Guwahati Airport since its management was transferred to the Gujarat-based private entity from the Airport Authority of India (AAI) in October 2021.

Prior to joining the LGBI Airport, Noronha was working as the Chief Operating Officer at Mumbai International Airport Ltd, the company said in a statement.

A veteran of the aviation industry, he has served at the Qatar Airways Group, KPMG and Zurich Airports in India, it added.

Commenting on his new role, Noronha said: "Airport management is complex and challenging, and can make a tremendous difference to the lives of the people. I genuinely look forward to this leadership opportunity and to continue to make positive impacts."

He also thanked his predecessor Baruah stating that the first CAO played an intrinsic role in the development of the Airport.

Last week, Baruah had told PTI that LGBI Airport will move to its upcoming new terminal, being developed at a total cost of over Rs 2,000 crore, by April 2025.

The initial target to complete the new integrated terminal building was December 2024, but it got delayed by around four months due to change of design by the company, he had added.

The company statement further said that the Guwahati Airport processed over five lakh passengers in May 2024, almost 15 per cent higher than the corresponding month in 2023.

"To manage the tremendous growth and enable passenger delight over the next few years, Guwahati Airport is expected to witness significant changes... Development will focus on redefining the airport infrastructure through a regional footprint growth," it added.

This is also the right time for the Chief Minister to insist upon the Centre to accord Special Category Status to Andhra Pradesh, opines the CPI State secretary

The sale of the assets of Visakhapatnam Steel Plant (VSP) by the Centre is a part of its larger ploy of sell the plant, opines CPI State secretary K. Ramakrishna.

The CPI leader was in the city, along with CPI national secretary K. Narayana, as part of the three-day CPI State Council meetings, which concluded here on July 3 (Wednesday).

The CPI leader said the Centre was dependent on the support of the TDP, and Chief Minister N. Chandrababu Naidu should insist upon the Centre to continue the plant in the public sector.

Captive mines

Mr. Naidu should also demand captive mines and working capital for the VSP, apart from asking the Centre to stop the sale of assets.

Mr. Ramakrishna recalled that the trade unions and the Left parties had been staging protests in all the districts against the privatisation agenda of the BJP-led NDA government at the Centre.

He said the CPI national council meeting to be held in Delhi from July 11 to 15 would also discuss the Visakhapatnam Steel Plant issue, and the measures required to make the Centre revoke its decision on strategic sale of VSP.

Decrying the handing over of lands “on a platter” to the Adani and Ambani groups, the CPI leader urged the State government to release a White Paper on the lands allotted to the two corporate groups in Andhra Pradesh during the last five years.

Replying to queries, he said the CPI would discuss the issue of the State government declining permission to the volunteers’ ‘Chalo Vijayawada’ programme.

There was a need for a discussion on EVMs as the advanced countries had switched over to paper ballots. There should also be discussions on election expenditure and distribution of money in elections, which had become the norm among all major political parties.

In the recent elections, ?10,000 crore was spent in Andhra Pradesh alone, Mr. Ramakrishna said. He further said this was the right time for Mr. Naidu to insist on the Centre to extend Special Category Status (SCS) to A.P.

Railway zone

He also demanded that work on operationalisation of the Visakhapatnam-headquartered South Coast Railway (SCoR) Zone be expedited.

CPI State assistant secretaries J.V. Satyanarayana Murthy and Muppalla Nageswara Rao, and district secretary M. Pydiraju were present.

In the interim budget, the sector was disappointed by the lack of specific announcements or allocations.

Ahead of the upcoming Union budget, the metals and mining sector will be watching out for two critical aspects: increased infrastructure spending to propel growth in the domestic metals industry, and announcements related to enhancing logistics infrastructure in mineral-rich areas, apart from duty reductions for cost savings.

"Access to infrastructure is an issue in India. To produce 300 million tonnes  of finished steel by 2025–26, the total transportation need of the steel sector is expected to be about 1,200 million tonnes. As most new steel plants are likely to be situated in resource-rich states such as Odisha, Chhattisgarh, Jharkhand and Karnataka, these areas will become steel hubs needing access to infrastructure," the Federation of Indian Chambers of Commerce & Industry said in its budget recommendations report.

In the interim budget, the sector was disappointed by the lack of specific announcements or allocations. The industry had been seeking a removal of  import duties on critical minerals. There has also been a call for increasing export duties on finished steel products to ensure the availability of steel for domestic consumption and to curb excessive exports that could lead to shortages within the country.

Here are some of the top items on the metals and mining sector's wish list.

Respite from Chinese steel imports

The domestic metal industry in India has been facing challenges due to the influx of Chinese steel imports.  The industry has been seeking protection against these imports, and the Directorate General of Trade Remedies (DGTR) is yet to impose any duties on Chinese steel.
Reportedly, India's steel and trade ministries are in talks over rising imports, particularly cheap Chinese goods.

Rationalisation of taxes on key inputs

The industry is seeking other support measures from the government such as infrastructure development and rationalisation of taxes on key inputs like natural gas, coking coal, electricity and iron ore.
"Power costs are a critical concern for our industry, especially with the mandate to switch to renewable energy by 2030. Any incentives in the Union Budget to expedite this transition and encourage investment in renewable energy would be welcome," said Prem Khandelwal, chief financial officer, Indian Metals and Ferro Alloys Ltd.

Earlier in the year, Jindal Stainless had proposed long-term exemption of basic customs duty on ferro nickel and ferro molybdenum.

Financial incentives for critical minerals mining

As India transitions to renewable energy, the demand for critical minerals for batteries, solar panels and wind turbines is set to increase. Thus, scaling up exploration is crucial to secure a steady supply of these materials to support the country's clean-energy goals. However, exploration companies are apprehensive of taking up critical mineral blocks over economic feasibility of projects and the possible financial implications. Exploration firms expect a viability gap funding mechanism or a similar provision for the mining sector.

India and Australia Seek Enhanced Cooperation in Critical Minerals and Battery Production

New Delhi: India and Australia are exploring ways to increase cooperation in critical minerals, their processing, and battery production, Commerce Secretary Sunil Barthwal said on Monday.

Both countries have signed an interim free trade agreement and are in negotiations to expand it into a comprehensive pact, he added.

"We are looking at how we can integrate our (India and Australia) economies in terms of battery production, mineral production, mineral processing, and vehicle production," Barthwal said at a conference on the roadmap for vehicle electrification organized by the India Energy Storage Alliance (IESA).

IESA is a leading industry alliance focused on the development of advanced energy storage, e-mobility, green hydrogen, and emerging technologies in India. Founded in 2012 by Customized Energy Solutions (CES), IESA’s vision is to make India a global hub for R&D, manufacturing, and adoption of advanced energy storage, e-mobility, and green hydrogen technologies.

Barthwal highlighted that the government has taken several steps to promote domestic manufacturing of electric vehicles (EVs) and has strengthened the ecosystem around it, including boosting charging infrastructure.

Speaking at the event, Australian High Commissioner to India Philip Green OAM noted that Australia has vast mineral and energy resources that can support 'Make in India.'

Australia has significant reserves of critical minerals and is the largest producer of lithium and the second-largest producer of cobalt globally.

"We want to ensure India has easier access to all the critical minerals and other capabilities in our society that can help India's green transition. The only way to achieve this is through a full free trade agreement," he said.

Critical minerals such as copper, lithium, nickel, cobalt, and rare earth elements are essential components in many of today's rapidly growing clean energy technologies, from wind turbines and electricity networks to electric vehicles. The demand for these minerals is growing rapidly as clean energy transitions gather pace.

Barthwal added that like Australia, India has signed a trade pact with the four-nation European bloc EFTA, with Norway being a key member of that group.

"Norway has excelled in the renewable energy sector, and we are collaborating with them. Similarly, we are collaborating with the European Union. We have a technology group focused on different technologies in battery making, vehicle manufacturing, mineral processing, and critical technologies," he said. "This is the time for global cooperation to meet energy transition requirements and commit to reducing carbon emissions."

Discussing the vast opportunities in the EV sector in India, Barthwal noted that the sale of EVs is increasing at a rapid pace in the country, necessitating a comprehensive ecosystem, including EV manufacturing, battery production, and charging infrastructure.

"A whole spectrum of activities is opening up through the energy transition in the country, offering significant opportunities for both the government and the private sector, and thus presenting great opportunities for investors to invest in this entire value chain," the secretary said.

The government is focusing on the entire value chain, including mineral production. The mines ministry is exploring resources in India and the global supply chain.

"We recognize that this is an emerging sector with challenges, and we are looking at providing a level playing field and a system of incentives to ensure its growth in India," Barthwal said.

Currently, around 1.7 million EVs have been sold in the country. The government has rolled out programs like Faster Adoption & Manufacturing of Electric Vehicles (FAME) and a production-linked incentive scheme for the sector.

"We are addressing the entire value chain to remove the disabilities faced by manufacturers," he said.

The Centre is also engaging with states to promote ease of doing business for the sector and ensure land availability for production and manufacturing.

"We are creating an ecosystem to encourage investments...close to USD 500 billion of potential exists. So, I think it's a huge opportunity," he added.

India's Power Consumption Rises by Nearly 9 Percent in June Due to Scorching Heat

New Delhi: India's power consumption rose by nearly 9 percent to 152.38 billion units (BU) in June compared to the year-ago period, mainly due to the scorching heat that forced excessive use of cooling appliances like air conditioners and desert coolers.

In June 2023, power consumption stood at 140.27 BU, according to official data.

The highest supply in a day (peak power demand met) also rose to 245.41 GW in June 2024, compared to 223.29 GW in the same month last year. The peak power demand was recorded at 224.10 GW in June 2023.

The peak power demand touched an all-time high of 250.20 GW in May this year. The previous all-time high peak power demand of 243.27 GW was recorded in September 2023.

Earlier this year, the power ministry projected a peak power demand of 235 GW during the daytime and 225 GW during evening hours for May, and 240 GW during the daytime and 235 GW during evening hours for June 2024.

The ministry also estimated that peak power demand might hit 260 GW this summer.

Experts indicated that the scorching heat and humidity in the latter part of June, due to the arrival of monsoon rains in many parts of the country, forced people to excessively use cooling appliances like air conditioners and desert coolers.

This led to an increase in power consumption as well as a growth in power demand in the country, they pointed out.

They also mentioned that the demand for power and consumption would remain steady in the coming days due to high humidity, making the use of air conditioners inevitable.

According to the Indian Meteorological Department (IMD), conditions are favorable for the further advance of the Southwest Monsoon into the remaining parts of Rajasthan, Punjab, and Haryana during the next 2-3 days.

Monsoon is likely to cover the entire country in the next three days, as per the latest bulletin on Monday.

ATF Price Increased by 1.2 Percent, Commercial LPG Reduced by Rs 30 per 19-kg Cylinder

New Delhi: Aviation Turbine Fuel (ATF) or jet fuel prices have increased by 1.2 percent, while the cost of commercial LPG used by hotels and restaurants has been reduced by Rs 30 per 19-kg cylinder, effective Monday. This price revision aligns with international oil price trends. The ATF price was hiked by Rs 1,179.37 per kilolitre (kl), or 1.2 percent, to Rs 96,148.38 per kl in the national capital, according to a price notification issued by state-owned oil marketing companies.

ATF Price in Mumbai Increases to Rs 89,908.30 per kl

In Mumbai, the ATF rate increased to Rs 89,908.30 per kl from Rs 88,834.27. Prices vary from state to state due to the incidence of local taxes.

Cooking Gas Prices

Simultaneously, oil companies reduced the price of commercial LPG by Rs 30 to Rs 1,646 per 19-kg cylinder. This marks the fourth consecutive monthly reduction in rates. The price was last cut by Rs 69 per cylinder on June 1. Prior to that, rates were reduced by Rs 19 per cylinder on May 1 and by Rs 30.5 on April 1. The price of cooking gas used in domestic households remains unchanged at Rs 803 per 14.2-kg cylinder.

State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) revise prices of ATF and cooking gas on the 1st of every month based on the average price of benchmark international fuel and the foreign exchange rate.

Petrol and Diesel Prices

Prices of petrol and diesel remain unchanged. Rates were last reduced by Rs 2 per litre in mid-March. Petrol costs Rs 94.72 per litre in Delhi, while diesel is priced at Rs 87.62.

The ‘Port Link Express’ is a pioneering cost-effective and eco-friendly land bridge initiative that will enhance trade logistics in the Eastern Region

New Delhi: The Kolkata Container Freight Station (CFS) of Balmer Lawrie & Co. Ltd., a leader in end-to-end logistics in the organised sector, witnessed the maiden journey of the ‘Port Link Express’ export train, from its premises to Haldia port on June 29. The ‘Port Link Express’ is a pioneering cost-effective and eco-friendly land bridge initiative that will enhance trade logistics in the Eastern Region.

The export train was flagged off by senior officials of Balmer Lawrie & Co. Ltd., Syama Prasad Mookerjee Port, MSC Line, Hind Terminals Pvt. Ltd., Electrosteel Castings Ltd. and Asst. Commissioner of Customs.

The debut export train, operated by Hind Terminals carried 90 export TEUs (Twenty-foot Equivalent Units) of the MSC Line, marking a milestone in logistics in the Haldia-Kolkata-Haldia sector. The ‘Port Link Express’ is expected to significantly boost trade efficiency by enabling 2 to 3 trains per week to move between Haldia port and Balmer Lawrie CFS - Kolkata.

This initiative, poised to become a vital component of the Eastern Region’s trade infrastructure, will reduce logistics costs and lessen the carbon footprint, thereby promoting environment-friendly and sustainable trade practices. Besides improving logistics operations, this project underscores the importance of regulatory support from customs authorities in facilitating smoother trade. The ‘Port Link Express’ import leg was previously flagged off at Haldia port on June 23.

Balmer Lawrie’s CFS - Kolkata was set up in 1994 and was the first CFS to operate in the Eastern Region. Balmer Lawrie has similar facilities operational in Mumbai, Chennai and Visakhapatnam.

Coal India Limited (CIL) Records 8% Growth in Coal Production in Q1 FY2024-25

New Delhi: State-run coal miner Coal India Limited (CIL) has recorded an 8 percent growth in coal production in Q1 of FY2024-25, according to a statement released by the PSU on Monday. "Surpassing the progressive target, Coal India Limited (CIL) increased its coal production to 189.3 million tonnes (MT) in the first quarter ending June FY2025. This marks a volume increase of 13.8 MT compared to the corresponding quarter of FY2024, reflecting an 8 percent growth. Production during the same period last fiscal was 175.5 MT," stated Coal India.

Five Coal India Subsidiaries Exceed Production Targets for Q1 FY25

Coal India was given a target of 189.2 MT by the government for Q1 of the current fiscal. "Exceeding the target of 189.2 MT, CIL achieved 100 percent satisfaction in Q1 of the current fiscal year," the statement added. While all seven of CIL's producing subsidiaries achieved positive growth, five surpassed their respective targets.

CIL’s output for June rose to 63 MT, growing by approximately 9 percent over June 2024 when it produced 58 MT. The month's output increase in volume terms was a significant 5 MT.

CIL’s Total Supplies Rise 6% in Q1 FY25

Driven by strong production growth and increased coal loading, CIL's total supplies increased to 198.4 MT during April-June 2024, representing a 6 percent year-on-year growth. The increase of 11.4 MT in absolute terms came over a high base of 187 MT.

Amid rising power demand in the country, CIL's supplies to coal-fired plants grew by 4 percent to 160 MT during Q1 FY2024-25, with a year-on-year increase of 6 MT. CIL’s off-take to thermal power plants was 154 MT during the same period in FY2024.

CIL’s Supplies to Non-Power Sector Grow 16% in Q1 FY25

CIL's supplies to the non-power sector reached 38.4 MT, logging a 16 percent growth during the referred period, setting an all-time high for Q1 of any year to date. This sector was supplied with 33 MT in April-June 2023. The growth for June alone was 23 percent at 13.4 MT.

On average, CIL loaded 325.7 rakes per day to the power sector during the first three months of the current financial year. This was 19 rakes more per day compared to 306.7 rakes in the first quarter of FY2024, marking a 6 percent growth. This includes loading from CIL's own sidings, private washeries, and goods sheds. One rake corresponds to approximately 4,000 tonnes of coal.

Coal India Ends Q1 with 40% More Coal Stock Year-on-Year

The total average coal loading registered a healthy double-digit growth of 10.3 percent year-on-year at 367.2 rakes/day. For the comparative period last year, it was 333 rakes/day. Coal inventory at CIL’s pitheads stood at 81.5 MT at the end of Q1 FY25, 40 percent higher than 58 MT for the comparative period last year, providing a sufficient buffer to meet any sudden surge in demand.

Shares of select Indian metal companies have retreated up to 8 per cent in the last one month, following a drop in the steel prices in global markets.

Individually, Welspun Corp, and Steel Authority of India dropped 8.5 per cent each, NMDC  4.9 per cent, APL Apollo Tubes 3.8 per cent, and Adani Enterprises 2 per cent in the last one month. By comparison, the benAnalysts expect the mining activity slowdown due to monsoon, and price pressure to remain a challenge in the near-term; thus, suggesting exit steel player

"Weak global market sentiment and competitive Chinese pricing have kept export activity muted in the month of June. With weak Flats pricing, we believe some domestic steel players' margins may not witness significant uptick in Q1-FY25 sequentially," said Tushar Chaudhari, lead research analyst, Prabhudas Lilladher, in a recent report.

Flat products generally encompass plate products and sheet and strip products.

s.chmark Nifty50 has risen by 4.9 per cent.

Pricing scenario

According to the brokerage's report, Indian benchmark hot rolled coil (HRC) prices declined by Rs 50 per tonne week-on-week in the third week of June to Rs 53,800 per tonne.

Iron ore fines, too, declined 2.8 per cent W-o-W to $104 per tonne on subdued demand, while Indian coking coal prices declined 7 per cent W-o-W.

Meanwhile, a report by JM Financial highlighted prices of spot coking coal, globally, are down by $75/tonne, from their peak, to $256/tonne in June.

Analysts have attributed this decline to high quantities of imports from China, South Korea, Japan, and Vietnam, which have kept the prices under pressure in India since June 10, 2024.

Though China is expected to reduce steel production by more than 20 metric tonne over next two years, their blast furnace activity level has continuously seen an improvement to 90 per cent, with production in May 2024 increasing by 2.7 per cent year-on-year (Y-o-Y) to 92.9 metric tonne.

"Since CY11, it has been observed that whenever China struggles with domestic demand, it starts dumping steel in international markets, impacting the prices for metals and raw material. Similar trends are being seen right now as China is dumping huge quantities of steel in the international market," said Parthiv Jhonsa, lead analyst for Metal and Mining sector at Anand Rathi Institutional Equities.

While any stimulus measures undertaken by the Chinese government may provide a temporary relief, the stress from higher production is expected to put pressure on steel prices unless China undertakes scheduled production cuts, he added.

Investment strategy

Against this backdrop, Jhonsa of Anand Rathi Institutional Equities expects JSW Steel to be the biggest beneficiary as only 45 per cent of its requirement of iron ore is met via domestic production, allowing it to take advantage of low cost imports. 

JSPL, meanwhile, could be another beneficiary as it has domestic linkages up to 60 per cent for iron ore. "Investors can look to add both stocks at current levels," he added.

Tata Steel and SAIL, on the other hand, benefit in a rising ore prices scenario. Hence, investors may exit the stocks on rise, he advised.

Tushar Chaudhari of Prabhudas Lilladher, too,  has a 'Sell' rating for SAIL with a target price of Rs 127, and a 'Hold' rating for Jindal Stainless with a target price of Rs 712.

"NMDC could also remain under stress as their prices are linked to international price movement (with a lag); monsoon season has kicked off; and recent auctions concluded at lower levels. Investors may consider partial profit booking," Jhonsa recommended.