Coal news and updates

IMG reviews performance of 16 coal blocks

The Coal Ministry had earlier asked the companies to make presentations before the IMG on the achievement of milestones prescribed for developing mines that were allotted to them and their reasons for delays.

The Inter-Ministerial panel on coal blocks today reviewed the performance of 16 mines alloted to firms including JSPL , NTPC , SAIL , Abhijeet Infrastructure and Tata Power . However, no decision was taken on the coal blocks, said a source, adding that some of the companies present gave reasons like lack of environmental clearances and regulatory hurdles for delays in development of the mines. "The allocatees of 16 coal blocks made presentations before the Inter-Ministerial Group (IMG).

However no decision was taken today," the source said.

IMG will meet again tomorrow, for the third day, and review the performance of another 14 mines alloted to firms including JSPL, Monnet Ispat & Energy, Birla Corp and Rathi Udyog, he said.

The panel reviewed the progress of 17 mines yesterday and recommended that show-cause notices be issued to some of the companies for delays in developing them.

The Coal Ministry had earlier asked the companies to make presentations before the IMG on the achievement of milestones prescribed for developing mines that were allotted to them and their reasons for delays.

"It has been decided to provide an opportunity to you (coal block allocatees) to present your explanation/version before the IMG on the current status of development of allocated coal block," the ministry had said.

"You are requested to make a presentation with respect to the achievement of different milestones prescribed for the development of coal block and reasons for delay, if any, with respect to achievement of the same," it had said. The coal block allottees were earlier issued show-cause notices for delaying the production from their mines. The government had formed the IMG last year to review the progress of coal blocks allocated to firms for captive use and recommend action, including de-allocation. The panel under the chairmanship of Additional Secretary in the Coal Ministry has members from other ministries including steel and power. On October 25, 2013, at 12:23 hrs Jindal Steel & Power was quoting at Rs 236.85, down Rs 4.05, or 1.68 percent. The 52-week high of the share was Rs 473.90 and the 52-week low was Rs 181.55.

The company's trailing 12-month (TTM) EPS was at Rs 19.46 per share as per the quarter ended June 2013. The stock's price-to-earnings (P/E) ratio was 12.17. The latest book value of the company is Rs 132.09 per share. At current value, the price-to-book value of the company was 1.79.

Source: PTI