Coal India aims to trim stocks by 26 percent in fiscal 2014

NEW DELHI Fri Apr 12, 2013 5:37pm IST

A boy carries coal at an open cast coal field at Dhanbad district in Jharkhand September 20, 2012. REUTERS/Ahmad Masood/Files

A boy carries coal at an open cast coal field at Dhanbad district in Jharkhand September 20, 2012.

Credit: Reuters/Ahmad Masood/Files

Related Topics

Stocks

   

NEW DELHI (Reuters) - Coal India Ltd (COAL.NS), the world's biggest coal miner, plans to cut its stocks by around a quarter this fiscal year, its chairman said, a move that may help increase supply to power producers in the energy-hungry nation.

The miner, which produces about 80 percent of India's coal, ran down its stocks by 18 percent from a year ago to about 58 million tonnes in the year to March, its lowest in four years.

"This year, we plan to reduce it by 15 million tonnes," S. Narsing Rao told Reuters by phone, referring to the current fiscal year that began in April.

Shifting more stocks to its mainly power producing customers, who do not get enough of the fuel to run their plants in full capacity, could help trim the supply gap in the country where capacity additions in the power sector have outpaced growth in domestic coal output.

Coal fuels more than half of India's power generation and Coal India is chasing a production target of 482 million tonnes and a supply target of 492 million tonnes this fiscal year.

The targets, set by the federal coal ministry, represent increases of 3.9 percent and 4.7 percent respectively over Coal India's production and supply goals last fiscal year.

(Reporting by Malini Menon; Editing by Devidutta Tripathy)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

India-Nepal Ties

REUTERS SHOWCASE

Facebook Results

Facebook Results

Facebook beats Wall Street targets, stock hits record high  Full Article 

GM Recall

GM Recall

GM recalls 717,950 vehicles in U.S., not for ignition switches  Full Article 

Factory Sector

Factory Sector

China July HSBC flash PMI at 18-month high of 52.0   Full Article 

Breakingviews

Breakingviews

Apple winds up earnings hope for new gadgets  Full Article 

BRICS Bank

BRICS Bank

World Bank chief welcomes new BRICS development bank.  Full Article 

Streamlining Operations

Jet Streamlines

Jet Airways chairman says looking to restructure debts, talking to bankers  Full Article 

Political Economy

Political Economy

Analysis - Watch what markets don't do as world politics turns nasty   Full Article 

Honda's India Thrust

Honda's India Thrust

Honda's India unit to account for 25 pct of Asia Pacific sales by March 2017 - exec   Full Article 

 Boosting Output

Boosting Output

NMDC plans to boost iron ore output by two-thirds  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage