Government may hike Coal prices

Shaleen Agarwal

[Many in the markets believe that Ennore Coke Ltd with its overseas coal mines and having a number of plants in India to manufacture Met-coke should not trade below Rs.150. The overseas shipments from its Coal Mines have already started to arrive in India........Therefore my hearty congratulations to the share holders of Ennore Coke Ltd.

Moreover, I hope you have now learnt about the good news in Glory Polyfilms Ltd. which has completed the 1st Phase of expansion......(full news to the Paid Group Only). Those who have sold this scrip will repent now.........]

New Delhi: The government may consider hiking the prices of domestic coal, Sriprakash Jaiswal, the minister of state for coal (independent charge), said on Friday. The increase is due to the current economic conditions, where commodity prices are rising, and the impact of the Sixth Pay Commission on Coal India (CIL), the state-run miner.

The price rise will be the minimum possible, Jaiswal said.

"We will see what should be the extent to which the prices must be raised to keep the increment to the minimum," Jaiswal told reporters after taking charge of the ministry. "But I will have to speak with the Prime Minister for that (price hike)."

Earlier this week, CIL said it was planning to raise prices as the rise in employee costs following the wage hike was likely to hurt profitability. The company needs government approval for the move.

International prices are as much as 30-200% more than domestic prices.

Jaiswal said the ministry would work towards sorting out environmental clearances and land acquisition problems, which create hurdles in coal projects.