CIL revises coal prices, expects revenue gain of Rs1,956 crore in current fiscal
Kolkata: Coal India Ltd (CIL) on Tuesday announced a revision in coal prices, effective immediately, which will result in an estimated revenue gain of Rs1,956 crore in the current fiscal year, and a gain of Rs6,421 crore from the next year.
The aim of the revision is to reduce import of high grade coal, said CIL officials, who asked not to be identified.
The state-owned miner had last revised coal prices in May 2016, which led to a revenue gain of Rs3,234 crore in fiscal year 2016-17. The price of high grade coal has been reduced by 1-5%, whereas prices of nine grades have been increased by 3-22%, officials said. The aim is to incentivise consumers to switch from imported to local coal, they added.
CIL’s shares on Tuesday jumped 5.63% to Rs304.05 each on BSE in a flat market.
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