Coal news and updates

Electorsteel Castings Ltd said that it has filed petition before the Supreme Court on cancellation of allotment of a coal block. North Dhadhu coal block in Jharkahand was earlier made to Electrosteel Castings and a few other investors for shared operations.

 

The company also said it was examining the implication of the Ordinance, promulgated by the Centre this month paving way for e-auction of coal blocks, on the company’s investment so far made in joint coal mining project.

 

It stated in a note to the Q2 results that it did not make any fresh investments, apart from the initial investments made on the coal block, which is yet to be made operational.

 

The ductile iron pipe maker reported net profit of Rs. 12.78 crore in the July-September quarter against Rs. 19.76 crore in the corresponding quarter last financial year.

 

 

Source: http://www.thehindubusinessline.com/