Coal news and updates

Adani Enterprises posts Rs 416.95-crore net loss in Q2

November 1: Adani Enterprises Ltd, India's leading coal trader, reported a consolidated net loss of Rs 416.95 crore for its second quarter ended September 30, 2013 on heavy foreign exchange loss suffered due to the sharp depreciation in the rupee and sharp jump in finance costs.

The company had reported a net profit of Rs 320.21 crore in the corresponding quarter of the previous fiscal (2012-13).

Consolidated net sales of Adani Enterprises, however, rose by 32% to Rs 13,548.31 crore in the second quarter, as it's trading and power businesses reported strong revenue growth.

The company said in a filing to the stock exchange that while foreign exchange losses for the quarter stood at Rs 331.58 crore, the finance costs jumped over three times to Rs 1,626 crore due to a weak rupee.