COALINDIA

By Sethuraman N R

NEW DELHI, April 1 (Reuters) - Coal India's COAL.NS sales in March grew for the first time in six months, the company said on Wednesday, indicating a ramp-up in coal stocks ahead of peak summer amid a shortfall in gas supply due to the U.S.-Israeli war against Iran.

Coal India's offtake, or sales to customers, rose 0.7% to 69.5 million tons in March, despite a 1.5% drop in its provisional output to 84.5 million tons, the company said in a stock exchange filing.

The state-run company accounts for over 80% of the country's production and is the world's largest coal miner by output.

Coal India's offtake fell for six consecutive months after a 7.6% jump in August, boosting inventory levels at power plants as temperate weather dented India's power demand in 2025.

The higher stocks have kept import demand subdued despite the peak summer season approaching, said Vasudev Pamnani, director at Gujarat-based coal trader iEnergy Natural Resources.

Domestic coal remained relatively more attractive in certain segments, he said, adding that disruptions in liquefied natural gas supply and reduced gas-based power generation are expected to boost reliance on coal for power generation.

India, which relies on coal for nearly 75% of its power generation, is expected to lean more on the polluting fuel during the summer due to the gas shortage, Reuters reported in March.

Although gas accounts for only around 2% of India's total power generation, the South Asian country uses about 8-10 gigawatts (GW) of gas power during peak-demand periods or heatwaves.

In the absence of gas, India has asked its coal plants to run at maximum capacity and avoid planned outages, and has also asked industries to produce their own power through their captive generation plants to free up supplies for households.

India is set to experience a hotter-than-normal summer this year, with heat wave days in May expected to exceed the seasonal average.

(Reporting by Sethuraman NR; Editing by Varun H K)

((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net/))

March 30 (Reuters) - Central Mine Planning & Design Institute CENM.NS, a Coal India COAL.NS unit, debuted at a 7% discount on Monday, pressured by broader market weakness tied to the Middle East conflict and concerns over the company's reliance on its parent for revenue.

The company listed at 160 rupees ($1.70) on the National Stock Exchange of India, below its issue price of 172 rupees.

($1 = 93.8700 Indian rupees)

(Reporting by Vivek Kumar M; Editing by Sumana Nandy and Sherry Jacob-Phillips)

((VivekKumar.M@thomsonreuters.com;))

March 27 (Reuters) - Coal India Ltd COAL.NS:

• TO SET UP EIGHT NEW COKING COAL WASHERIES WITH 33 BILLION RUPEES OUTLAY

• TO INVEST 3 BILLION RUPEES IN RENOVATION OF EXISTING COKING COAL WASHERIES

• EIGHT NEW WASHERIES TO BE OPERATIONAL BY FY 2030 WITH 21.5 MT/Y CAPACITY

Source text: ID:nBSEc9YbjV

Further company coverage: COAL.NS

((Reuters.Briefs@thomsonreuters.com;;))

** Shares of Coal India COAL.NS fall 2.6%, top pct loser on the NIFTY 50 index .NSEI

** Fall due to profit taking after gains earlier this month on early summer and demand for alternative feedstock amid Middle East war

** So far in March, COAL up ~3% vs ~9% drop in Nifty 50 index .NSEI

** Also, ongoing IPO of COAL's subsidiary Central Mine Planning & Design Institute subscribed only 0.37x as of 01:24 PM IST on the last day of the three-day bidding process

** COAL in-principle approved selling stake in subsidiaries Mahanadi Coalfields and South Eastern Coalfields by offer for sale via initial public offering

** Plans to sell up to 25% stake each in Mahanadi Coalfields and South Eastern Coalfields via offer for sale

(Reporting by Vijay Malkar)

((VijayDattaram.Malkar@thomsonreuters.com;))

March 23 (Reuters) - State-run miner Coal India COAL.NS said on Monday it will sell up to 25% each in its units South Eastern Coalfields (SECL) and Mahanadi Coalfields (MCL) through initial public offerings or other routes.

• Coal India had in December approved plans to list the units. It is not clear when the company plans to carry out the listing.

• SECL will also issue new shares worth up to 10% of the post-issue share capital, Coal India said in a stock exchange filing late Monday.

• India was the world's second-largest IPO market in 2025, according to LSEG data, but sentiment has weakened this year amid a sell-off spurred by the U.S.-Israel war on Iran. .BO

• SECL and MCL operate in the states of Chhattisgarh and Odisha, respectively. They produced about 392 million tonnes of coal in fiscal 2024-2025, about half of Coal India's total production.

• Coal India contributed to about 74% of India's total coal production in fiscal 2024–25.

• The IPO of Central Mine Planning & Design Institute, another Coal India unit, is open for subscriptions this week, while Bharat Coking Coal BARC.NS went public in January.

(Reporting by Fabiola Arámburo and Chris Thomas in Mexico City)

((Fabiola.Solano@thomsonreuters.com))

March 16 (Reuters) - Coal India's COAL.NS subsidiary Central Mine Planning & Design Institute CENM.NS has set a price band of 163 to 172 rupees per share for its initial public offering (IPO), which will be launched on March 20, a newspaper advertisement showed.

(Reporting by Vivek Kumar M; Editing by Sherry Jacob-Phillips)

((VivekKumar.M@thomsonreuters.com;))

Adds details from paragraph 2

By Nidhi Verma

March 13 (Reuters) - India has asked liquefied petroleum gas consumers to avoid panic buying of LPG cylinders and shift to piped natural gas where possible, oil ministry official Sujata Sharma said on Friday.

India's crude oil, LPG, and liquefied natural gas supplies have been disrupted due to global shipping constraints after the U.S.-Israeli war with Iran halted traffic through the Gulf and the Strait of Hormuz.

"LPG is an issue of concern," said Sharma, a joint secretary in the federal oil ministry, adding the government is cracking down on black marketing and hoarding of LPG cylinders in coordination with states.

About 333 million households use LPG cylinders, and more than 150 million get gas supplies through pipelines. Sharma said about six million LPG-consuming households could easily switch to piped gas use.

"We request them to avail piped gas connection to ease pressure on LPG," she said.

She also said that commercial and industrial consumers in major urban cities facing LPG shortages should contact their local city gas distribution company to arrange a piped gas connection.

PANIC BUYING

India consumed 33.15 million metric tons of cooking gas last year, with imports accounting for about 60% of demand. About 90% of those imports came from the Middle East.

Panic buying had pushed daily LPG booking requests to about 7.6 million as of Thursday from around 5.5 million on March 1, with most bookings made online, Sharma said.

India has asked refiners to boost LPG production. Domestic LPG production has risen by 30% since March 5, she said.

The government has prioritised LPG supplies for households, followed by hospitals and educational institutions, while allowing commercial users to use alternative fuels such as biomass, coal and fuel oil.

India has asked Coal India COAL.NS, the country's top coal producer, to make coal available to small and medium enterprises and the hospitality sector, including restaurants and hotels, Sharma said.

To overcome the shortage, Indian ports are giving priority berthing to LPG carriers, said Rajesh Kumar Sinha, special secretary at the ministry of shipping.

(Reporting by Nidhi Verma in New Delhi; Editing by Janane Venkatraman and Jan Harvey)

((nidhi.verma@thomsonreuters.com))

BENGALURU, March 12 (Reuters) - ** India's Nifty 50 .NSEI and Sensex .BSESN down 0.5% each, set for a second session of losses, if current trend holds

** Rising crude oil prices due to the Middle East conflict and renewed trade worries dampen risk sentiment

** Eleven of the 16 major sectors trade lower; broader mid-caps .NIFMDCP100 and small-caps .NIFSMCP100 drop 0.3% and 0.6%, respectively

** Brent crude oil prices jump 7% to hover around $98 a barrel on reports of more ships struck in Gulf waters and terminal shutdown [O/R

** Meanwhile, the U.S. opens new investigation into unfair trade on 16 countries, including India, in a bid to rebuild tariff pressure

** Asia stocks outside Japan .MIAPJ0000PUS down 1.4% GLOB/MKTS

** Auto stocks .NIFTYAUTO down 2.5%, lead sectoral losers, on concerns over higher crude oil prices and global supply disruption

** Coal India COAL.NS jumps 4.2%, top Nifty gainer, on expectations of surge in coal demand amid the Middle East war and early summer

(Reporting by Vivek Kumar M)

((vivekkumar.m@thomsonreuters.com))

Recasts, adds details on stocks, context throughout

NEW DELHI, March 11 (Reuters) - India has sufficient coal supplies to meet what is expected to be an unprecedented surge in demand during the summer months, the Coal Ministry said on Wednesday, after gas supply disruptions due to the U.S.-Israeli war on Iran.

The overall coal stock available in the country is about 210 million metric tons, which would be sufficient for about 88 days of consumption, the ministry said in a statement.

The South Asian country still relies on coal for three-fourths of its electricity generation, even as it ramps up renewable energy generation at a record pace.

The statement comes as India expects to boost its coal power usage to meet the summer demand after the conflict in the Middle East hit its supplies of natural gas, mainly from Qatar.

The country's power plants had 54.05 million tons of coal, enough for about 24 days at the current rate of consumption, the ministry said. Pithead stock at Coal India COAL.NS, which produces three-quarters of India's output, was around a record 121.4 million tons as of March 9.

"Coal production and supply continue to be higher than consumption in fiscal year ending March 31," the statement said.

Higher domestic production has also led India to open up exports for neighboring countries and test increased blending of domestic coal in power plants traditionally designed to be operated with imported coal.

(Reporting by Sethuraman NR, Tanvi Mehta and Hritam Mukherjee; Editing by YP Rajesh and Andrei Khalip)

((tanvi.mehta@thomsonreuters.com;))

By Neha Arora and Sethuraman N R

NEW DELHI, March 10 (Reuters) - Scores of small Indian steel producers have warned of production cuts as the escalating Middle East conflict disrupts gas supplies to the world's biggest producer of the alloy after China, industry officials said.

"We are looking at a 50% production cut as of now and a complete halt ahead, if supplies don't improve within a week," Yogesh Kanakiya, director at Triveni Iron and Steel Industries, told Reuters.

Triveni Iron and Steel Industries is based in the western state of Gujarat, the country’s largest gas-consuming region, which relies on the Middle East for much of its liquefied natural gas.

Several small steel mills in Gujarat depend on imported LNG.

Most gas producers, including Gujarat Gas GGAS.NS declared force majeure last week to restrict gas supplies to industries.

"We work on wafer thin margins and our margins have shrunk," said Anshum Goyal, managing director and promoter at Friends Steel Group in Gujarat. "We are concerned over supplies and it is affecting our decision-making in terms of prices we need to keep."

Producers in other parts of India are also grappling with rising coal costs fuelled by geopolitical tensions, adding pressure on margins.

About 6% of India's steel output uses gas-based direct reduced iron, or DRI, while roughly 50% depends on coal-fired blast furnaces.

"The ongoing geopolitical tensions have led to roughly a 10-12% increase in coal and freight costs," said Rahul Mittal, chairman of the Sponge Iron Manufacturers Association.

India produces around 50 million metric tons of sponge iron annually, largely used by secondary steel producers as raw material.

The impact of falling gas supplies has been exacerbated by sharp rises in imported coal prices.

South African thermal coal prices at Indian ports jumped by around 10-13% last week to a three-year high due to firmer freight rates and broader Middle East tensions, commodities consultancy BigMint said.

Coal buying in India has become more cautious amid higher freight costs and elevated global coal prices, said Vasudev Pamnani, director at Gujarat-based coal trader i-Energy Resources.

(Reporting by Neha Arora and Sethuraman NR; editing by Mayank Bhardwaj and Susan Fenton)

((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))

** Coal India's COAL.NS stock up 3.2% to 449.5 rupees, top gainer on Nifty 50 index .NSEI, which is up 0.51%

** Stock set to rise most in a session since Jan 28

** COAL above 100-day, 200-day SMAs since late Dec

** Citi hikes PT to 430 rupees from 415 rupees, expects stock to rise in next 90 days

** Brokerage says high LNG prices, due to Middle East war, expected to prompt gas-to-coal switch, driving up coal prices and potentially higher e-auction prices

** J.P.Morgan awaits "broader fundamentals to improve before turning constructive" on stock

** Avg rating by 21 analysts is "buy", median PT 436 rupees - data compiled by LSEG

** YTD, COAL up 13% vs .NSEI's 6% loss

(Reporting by Anuran Sadhu in Bengaluru)

((Anuran.Sadhu@thomsonreuters.com; +91 8697274436;))

By Sethuraman N R

NEW DELHI, Feb 27 (Reuters) - India, the world's second-largest importer of thermal coal, wants to cut those imports for power plants by at least 30%, asking them to test increased blending with domestic coal, government and industry officials familiar with the plan said.

India's power plants used nearly 50 million tons of imported coal in 2025 from countries like Indonesia, South Africa and Russia. The government aims to cut this by at least 15 million tons this year, said two government officials and one industry source.

The South Asian country still relies on coal for three-fourths of its electricity generation, even as it ramps up renewable energy at a record pace toward its 2070 net-zero goal.

New Delhi wants to reduce reliance on imports for the country's nearly 17 gigawatts of power plants built to run on imported coal as government-backed Coal India COAL.NS and private miners have boosted domestic coal production.

Authorities aim to replace at least 20% of imported coal with domestic supply at most plants, with some able to go up to 30%, government and power company sources said.

The seven people Reuters spoke to did not want to be named as they were not authorised to talk to the media.

India's coal and power ministry did not respond to Reuters emails seeking comments.

The government has long sought to cut coal imports for the power sector, but those efforts have failed as power plants have been unable to burn lower-quality local coal.

An executive with a power plant in western Gujarat state said power plants won't be able to use as much domestic coal as the government wants without totally recalibrating their boilers, which would be very costly and require state subsidies.

However, the government has assured power producers that domestic coal supplies will be of high quality, one of the people involved in the testing said.

Coal India has been struggling with inventories of around 90 million tons as of December 31, after producing a record 781.1 million tons in the fiscal year to March 2025. That made up nearly 80% of India's total coal output last fiscal year.

To pare stockpiles, Coal India has opened up exports to Bangladesh, Bhutan and Sri Lanka.

India's thermal coal imports, second only to China, fell 6.2% in 2025, the steepest drop since 2021, as power demand declined in milder weather.

Despite plans to raise coal-fired capacity by 97 GW to 307 GW by 2034-2035, India's thermal coal imports are expected to slow gradually as newer coal plants are likely to come up in areas closer to domestic sources, said Rajiv Ramnarayan, chief executive of Singapore-based coal trader Equentia Natural Resources.

The share of imported thermal coal is expected to gradually shift from the power sector to non-power industries such as cement and sponge iron, said Vasudev Pamnani, director at iEnergy Natural Resources, a coal trader.

"Imports of lower and mid-calorific value coal are projected to decline gradually, offset by domestic supply, with imports limited to industries requiring specific qualities or higher-grade coal," Pamnani said.

(Reporting by Sethuraman NR; Editing by Mayank Bhardwaj and Sonali Paul)

((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net/))

Feb 26 (Reuters) - MSTC Ltd MSTC.NS:

• BECOMES L1 BIDDER FOR COAL INDIA TENDER

Source text: ID:nBSEc72jB8

Further company coverage: MSTC.NS

((Reuters.Briefs@thomsonreuters.com;;))

Updates story first published late on Monday to add details, context and background in paragraphs 1, 3, 6-9

By Nikunj Ohri and Shivangi Acharya

NEW DELHI, Feb 23 (Reuters) - India said it aims to raise 1.79 trillion rupees ($20 billion) from selling stakes in state-run firms through initial public offerings by the 2029/30 financial year, after previously backing away from outright privatisation plans.

The IPOs will be part of a broader push to raise $183.7 billion by monetising state assets over the next four years, the government's top policy think tank NITI Aayog said in a report released late on Monday.

The IPOs will be in the railway, power, petroleum and natural gas, aviation and coal sectors, NITI Aayog said.

They are part of Prime Minister Narendra Modi's second four-year plan for asset monetisation, after the first raised 5.3 trillion rupees by 2024/25, nearly 90% of the government's 6 trillion rupee target.

New Delhi has previously struggled to raise funds through outright privatisation of state-run firms and has more recently focused on monetising assets and subsidiaries of these companies to raise capital for reinvestment.

Modi's government deferred plans to privatise state-run companies after he failed to get a complete majority in the 2024 general elections.

Funds raised via asset monetisation go directly to firms to reinvest and can limit the burden on government finances to recapitalise these firms while maintaining their status as government entities.

Minority stake sales and privatisation form an important part of the government's overall plan to reduce its budget gap, even as New Delhi stopped setting specific targets for divestment after 2024.

STAKE SALES IN STATE-RUN FIRMS

Under the new plan, the government aims to divest stakes in seven railway companies through IPOs that could potentially fetch 837 billion rupees by 2030, the report said.

It targets raising 170 billion rupees of that through stock market listings in the coming financial year starting April 1, 2026, the report said, without naming the companies.

It also plans to list subsidiaries of state-run power firms to raise 310 billion rupees over the next four years, alongside 483 billion rupees from initial public offerings of subsidiaries of Coal India COAL.NS and the renewable energy assets of NLC India Limited NLCI.NS.

The Airports Authority of India will sell its stake in one subsidiary, and four airports that it owns through joint ventures with private partners.

In the financial year 2027/28, the government plans to list GAIL GAS, a subsidiary of GAIL (India) GAIL.NS to potentially raise 31 billion rupees, NITI Aayog said.

($1 = 90.9110 Indian rupees)

(Reporting by Nikunj Ohri and Shivangi Acharya; Editing by Susan Fenton and Lincoln Feast.)

((nikunj.ohri@thomsonreuters.com; +91 90284 60730; Reuters Messaging: twitter.com/nikunj_ohri))

By Nikunj Ohri

NEW DELHI, Feb 23 (Reuters) - India aims to raise 1.79 trillion rupees ($19.7 billion) from selling stakes in state-run firms through initial public offerings by the 2029/30 financial year, it said on Monday.

The IPOs will be part of a broader push to raise $183.7 billion by monetising state assets over the next four years, the government think tank NITI Aayog said in a report released late on Monday.

The IPOs will be in the railway, power, petroleum and natural gas, aviation and coal sectors, NITI Aayog said.

They are part of Prime Minister Narendra Modi's second four-year plan for asset monetisation, after the first raised 5.3 trillion rupees by 2024/25, below the government's 6 trillion rupee target.

STAKE SALES IN STATE-RUN FIRMS

Under the plan, the government aims to divest stakes in seven railway companies through IPOs that could potentially fetch 837 billion rupees by 2030, the report said. It targets raising 170 billion rupees of that through stock market listings in the coming financial year starting April 1, 2026, the report said, without naming the companies.

It also plans to list subsidiaries of state-run power firms to raise 310 billion rupees over the next four years, alongside 483 billion rupees from initial public offerings of subsidiaries of Coal India COAL.NS and the renewable energy assets of NLC India Limited NLCI.NS.

The Airports Authority of India will sell its stake in one subsidiary, and four airports that it owns through joint ventures with private partners.

In the financial year 2027/28, the government plans to list GAIL GAS, a subsidiary of GAIL (India) GAIL.NS to potentially raise 31 billion rupees, NITI Aayog said.

($1 = 90.9110 Indian rupees)

(Reporting by Nikunj Ohri; Editing by Susan Fenton)

((nikunj.ohri@thomsonreuters.com; +91 90284 60730; Reuters Messaging: twitter.com/nikunj_ohri))

** Shares of Coal India COAL.NS fall 1.5% to 412.95 rupees

** COAL's Q3 consol net profit dropped 15.8% Y/Y, revenue fell 5.2% Y/Y

** Brokerage Jefferies says COAL's third quarter cash EBITDA, excluding one-time executive wage revision impact, fell 5% Y/Y but was still 10% above its estimates thanks to better margins

** JP Morgan cuts PT to 397 rupees from 420 rupees, maintains 'neutral' rating, says clarity on future employee costs will be a key monitorable

** HSBC maintains 'Hold' rating, raises PT to 380 rupees from 374 rupees; raises FY27 EBITDA estimates by 2-3%

** COAL gained around 4% in 2025

(Reporting by Vijay Malkar)

((VijayDattaram.Malkar@thomsonreuters.com;))

Feb 12 (Reuters) - Coal India Ltd COAL.NS:

• COAL INDIA - DECLARED INTERIM DIVIDEND FOR FY26 OF 5.50 RUPEES PER SHARE

Source text: ID:nBSE8MHgX4

Further company coverage: COAL.NS

((Reuters.Briefs@thomsonreuters.com;))

Feb 4 (Reuters) - Coal India Ltd COAL.NS:

• COAL INDIA - APPROVES 31.33 BILLION RUPEES EQUITY INFUSION IN JV

• COAL INDIA - PROJECT COST 208.86 BILLION RUPEES WITH DEBT-EQUITY RATIO 70:30

Source text: ID:nBSEs8Gnw

Further company coverage: COAL.NS

((Reuters.Briefs@thomsonreuters.com;))

Feb 2 (Reuters) - Coal India Ltd COAL.NS:

• COAL INDIA - UPGRADES PAY SCALE FOR MID-LEVEL EXECUTIVES

• COAL INDIA - UPGRADATION IMPACT ESTIMATED AT 34 BILLION RUPEES

Source text: ID:nBSE1pG8pY

Further company coverage: COAL.NS

((Reuters.Briefs@thomsonreuters.com;))

Jan 20 (Reuters) - Coal India Ltd COAL.NS:

• COAL INDIA - GRANT OF MINERAL CONCESSION BY MINISTRY OF MINES

• COAL INDIA - COMPOSITE LICENSE FOR GRANT OF MINERAL CONCESSION HAS BEEN AWARDED TO CIL

Source text: ID:nBSE9v1zs0

Further company coverage: COAL.NS

((Reuters.Briefs@thomsonreuters.com;))

BENGALURU, Jan 19 - Shares of Bharat Coking Coal BARC.NS, India's top coking coal miner, debuted at a premium of 95.65% on Monday after its initial public offering drew bids worth $13 billion, making it one of the most heavily subscribed state-run IPOs in recent years.

The shares listed at 45 rupees on the National Stock Exchange of India, compared to the issue price of 23 rupees.

Bharat Coking Coal is a subsidiary of government-owned Coal India COAL.NS, one of the world's largest coal producers.

(Reporting by Urvi Dugar in Bengaluru; Editing by Janane Venkatraman)

((UrviManoj.Dugar@thomsonreuters.com; +91 9558725583;))

By Hritam Mukherjee and Neha Arora

BENGALURU/NEW DELHI, Jan 15 (Reuters) - Coal India COAL.NS is scouting partnership opportunities in rare-earth mining across Australia, Russia, Argentina, Chile and several African countries, a top executive of its coking coal-focussed unit said on Thursday, as New Delhi looks to reduce reliance on China-dominated supply chains.

The move comes after top producer China expanded export curbs on rare-earth minerals late last year, threatening operations in sectors from autos to electronics that depend on the critical materials.

"In our country and in foreign countries also, we are going to invest; we are going to explore; we are also collaborating with other companies for rare earth metals. It is in the starting stage," Bharat Coking Coal Ltd BARC.NS Chairman and Managing Director Manoj Kumar Agarwal told Reuters in an interview.

Coal India is pursuing both overseas and local opportunities in this regard, and domestically aims to collaborate with state-run IREL, Khanij Bidesh India Ltd and Hindustan Copper HCPR.NS, Agarwal said.

The partnerships will be funded using proceeds from BCCL's $119 million initial public offering, which closed Tuesday after being oversubscribed nearly 147 times. The company, whose offering comprised only existing shares with no new issuance, is set to list Monday.

BCCL also plans to acquire coking coal mines in Australia and Russia within the next two to three years, Agarwal added.

The company aims to raise its coking coal production capacity to 56 million tonnes per annum by fiscal 2030, up from 40.5 MTPA at the end of fiscal 2025, he added.

Investors are betting BCCL will benefit from India's infrastructure push, which requires steel as a pivotal industrial raw material. Coking coal is a key steel-making ingredient.

(Reporting by Hritam Mukherjee in Bengaluru and Neha Arora in New Delhi; Editing by Tasim Zahid)

((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))

By Vivek Kumar M

Jan 13 (Reuters) - Bharat Coking Coal BARC.NS drew bids worth 1.17 trillion rupees ($12.97 billion) for its $118.7 million initial public offering on Tuesday, as prospects of strong demand for coking coal from steelmakers lifted appetite for the shares.

The company, which is India's top coking coal miner, received bids for 50.93 billion shares, nearly 147 times the number of shares on offer, at the end of three days of bidding, as per exchange data.

The firm is a subsidiary of state-owned Coal India COAL.NS.

WHY IT'S IMPORTANT

The strong response underscores continued investor interest in Indian primary market after two years of record fund-raising.

Bharat Coking Coal is the first mainboard IPO in India this year and consists entirely of a stake sale by its parent.

CONTEXT

India ranked as the world's second-largest primary market in 2025 after the United States, with 367 IPOs raising $21.8 billion, according to LSEG data.

Offerings from companies such as LG Electronics India LGEL.NS and ecommerce platform Meesho MEES.NS drew strong demand during the year.

KEY QUOTES

"Despite turbulence in the secondary market, this shows that primary market remains buoyant. The investor interest in Bharat Coking Coal is also driven by its strong parentage," said Kranthi Bathini, director of equity strategy at WealthMills Securities.

"The Indian coking coal industry benefits from structural demand growth driven by government-led infrastructure development, capacity addition in steel manufacturing, and policy emphasis on import substitution," said Ventura Securities.

BY THE NUMBERS

Qualified institutional buyers bid for 24.61 billion shares of Bharat Coking Coal, about 311 times the number of shares on offer for them, leading the subscriptions.

Non-institutional investors and retail investors quota were subscribed 258 times and 49 times, respectively.

($1 = 90.1780 Indian rupees)

(Reporting by Vivek Kumar M in Bengaluru; Editing by Nivedita Bhattacharjee)

((VivekKumar.M@thomsonreuters.com;))

Jan 9 (Reuters) - Bharat Coking Coal's BARC.NS $118.65 million IPO, the first Indian mainboard listing of 2026, was fully subscribed within minutes of launch on the first day of bidding on Friday.

The Coal India COAL.NS unit received bids for 841.5 million shares as of 11:18 a.m. IST against 346.9 million shares on offer, exchange data showed.

The company set a price band of 21 to 23 rupees per share and is seeking a valuation of up to 107.1 billion rupees ($1.19 billion) at the upper end of the range.

(Reporting by Urvi Dugar in Bengaluru; Editing by Sonia Cheema)

((UrviManoj.Dugar@thomsonreuters.com; +91 9558725583;))

Rewrites, updates share levels, adds details, background, analyst comment

By Hritam Mukherjee and Sethuraman N R

Jan 2 (Reuters) - State-run miner Coal India COAL.NS on Friday opened up its e-auctions to foreign buyers from neighbours Bangladesh, Bhutan and Nepal amid a decline in local demand for power generation.

Shares of Coal India extended gains to trade more than 6% higher at 426 rupees, their highest in more than a year. They were up 4.5% before the announcement.

India's coal-based power generation has dropped in seven of the past 12 months as renewable energy penetration has picked up. Coal India's supplies to consumers declined 2.2% on-year in the April to December period.

New Delhi approved exports of surplus coal from power plants in December.

India's neighbouring countries were buying coal via traders. In the year through November, India exported about 1.54 million tonnes of coal, mainly to Bangladesh, Nepal and Bhutan, as per data from coal trading firm I-Energy Natural Resources.

"Tepid domestic coal demand this year has hit coal e-auction premiums for Coal India, so this move to level the playing field for foreign buyers will also help the company boost margins and reverse the trend of posting lower offtake volumes," said Rupesh Sankhe, a research analyst with Elara Securities.

The countries have been buying Coal India supply through traders, said Vasudev Pamnani, director at I-Energy Natural Resources. Participating in auctions would replace that demand and not add new volume, he said.

Inland logistics and port costs make India less competitive than Indonesia, which supplies to Bangladesh with better infrastructure and lower costs, Pamnani added.

(Reporting by Hritam Mukherjee in Bengaluru and Sethuraman NR in New Delhi; Editing by Mrigank Dhaniwala)

((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))

Jan 1 (Reuters) - Coal India Ltd COAL.NS:

• DEC PROVISIONAL COAL PRODUCTION UP 4.6% Y/Y

• DEC PROVISIONAL OFFTAKE DOWN 5.2% Y/Y

Source text: ID:nBSE57Xl8h

Further company coverage: COAL.NS

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Dec 31 (Reuters) - Solar Industries India Ltd SLIN.NS:

• BAGS ADDITIONAL ORDER OF 17.46 BILLION RUPEES

• ORDER FROM COAL INDIA FOR SUPPLY OF BULK EXPLOSIVES

Source text: ID:nBSE3188Gq

Further company coverage: SLIN.NS

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Dec 26 (Reuters) - Coal India Ltd COAL.NS:

• COAL INDIA - APPOINTMENT OF SHRI B. SAIRAM AS CEO OF COAL INDIA

Source text: ID:nBSE9wLSHZ

Further company coverage: COAL.NS

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By Sethuraman N R

NEW DELHI, Oct 3 (Reuters) - India’s electricity generation slowed in September, reflecting a decline in industrial activity and prolonged monsoon conditions that reduced cooling demand.

Power output rose 3.2% year-on-year but fell short of August’s 4% growth, marking the first monthly drop in three months, according to daily analysis of Grid India data.

The moderation coincided with a slowdown in manufacturing expansion and continued rainfall, which curbed energy consumption. Industries account for nearly half of India’s domestic power use.

Coal-fired generation, which typically contributes about three-quarters of India’s annual electricity output, declined in September compared to August.

Production and supply by the country’s largest coal miner also fell, aligning with the dip in overall power output.

Coal India’s COAL.NS production in September dropped by approximately 4%, while supply declined by 1.1%, company data showed.

"Industrial demand and thermal power consumption remain subdued ... Coal power plant inventories have dipped slightly but remain adequate for near-term requirements,” said Vasudev Pamnani, director at I-Energy Natural Resources, a coal trading firm.

Despite the slowdown in thermal generation, renewable energy and hydropower continued to expand. Solar and wind output increased, supported by strong capacity additions.

India added a record 30 gigawatts of new solar and wind capacity in the first eight months of 2025 and aims to reach 500 GW of non-fossil fuel capacity by 2030.

The sustained growth in renewable energy has helped reduce India’s reliance on coal for electricity generation this year.

A 16% increase in generation from renewable sources such as solar and wind, along with a 7.4% annual rise in hydropower output, contributed to total electricity generation of 156.52 billion kilowatt hours in September, the data showed.

(Reporting by Sethuraman NR; Editing by Mrigank Dhaniwala)

((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))

Oct 1 (Reuters) - Coal India COAL.NS:

• PROVISIONAL COAL PRODUCTION FOR SEPT DOWN 3.9% Y/Y

• SEPT PROVISIONAL OFFTAKE DOWN 1.1% Y/Y

Source text: ID:nBSEb1WwmZ

Further company coverage: COAL.NS

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