Coal India shares fall 4% after Power Secy Garg raises need to award 5 coal blocks to big pvt firms


Coal India shares fall 4% after Power Secy Garg raises need to award 5 coal blocks to big pvt firms

Shares of government-owned Coal India fell 4 per cent intraday after Power Secretary Subhash Chandra Garg said there is a need to award five coal blocks of 100 million tonne capacity to big private companies. At 1:28 PM, Coal India shares were trading at Rs 181.15 per share, 7.60 points lower than the last close. The shares of Coal India had opened marginally higher in the morning.

As coal accounts for the major chunk of power generation in the country, the power secretary said there is a need to produce 1,000 million tonnes of coal on an annual basis when only 600 million tonnes of coal is produced in the country. While the government has passed the commercial mining law but that needs to be implemented, added Garg. Read More

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