COALINDIA

Updates

** Shares of Coal India COAL.NS down 4% at 436.05 rupees

** Co says it is absorbing sharp rise in input costs instead of passing them on to consumers

** Says cost of ammonium nitrate, key explosive input for opencast mining, has risen about 44% since Iran war to 72,750 rupees per metric ton, as of April 1

** Adds, it is compensating contractors for higher diesel costs and maintaining affordable coal supply to avoid impact on downstream users

** Some Coal India units have cut e-auction coal prices while co increased frequency and quantum of auctions

** COAL, on avg, rated "hold" by 22 analysts; median PT 436 rupees - data compiled by LSEG

** YTD, stock up about 10%

(Reporting by Devika Nair in Bengaluru)

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April 8 (Reuters) - ** Shares of Coal India COAL.NS down about 3% at 448.15 rupees; set to fall the most since Feb 1

** Biggest loser on Nifty 50 index .NSEI, which is up 3.6%

** Stock falls after U.S. agreed to a two-week ceasefire with Iran, easing concerns over oil and LNG flows through Strait of Hormuz

** Expectations of higher demand for alternative feedstock amid Middle East conflict led to rise in COAL earlier this month

** Co accounts for over 80% of India's production and is world's largest coal miner by output

** COAL rated "hold" on average by 22 analysts, median PT at 434.50 rupees - data compiled by LSEG

** YTD, COAL up about 12% vs Nifty 50's nearly 8% decline

(Reporting by Bipasha Dey in Bengaluru)

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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)

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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)

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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

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Rewrites paragraph 1 and headline to say IPO is fully subscribed, adds background throughout

March 24 (Reuters) - Central Mine Planning & Design Institute Ltd's (CMPDIL) CENM.NS $198.7 million initial public offering was fully subscribed on the final day of bidding on Tuesday, helped by large institutional investors.

The company, a subsidiary of the world's largest coal miner, Coal India, received bids for 83.7 million shares, against 79.8 million on offer, exchange data updated at 5:42 p.m. IST showed.

Qualified institutional buyers subscribed to more than three times the reserved portion, while retail investors bid for a third of the shares on offer, with analysts citing fragile global sentiment from the ongoing war in the Middle East.

CMPDIL's IPO follows a successful public listing in January by another Coal India unit, Bharat Coking Coal BARC.NS. The company's shares nearly doubled on debut, marking one of the strongest listings in India in recent years. Its IPO was subscribed about 147 times over, led by strong demand across retail and institutional buyers.

Swastika Investmart said that CMPDIL's discounted valuation and debt-free balance sheet makes it a tactical short- to medium-term play, but its reliance on Coal India for 90% of its revenue is an immediate risk.

The company, which provides consultancy and support services for coal and mineral exploration, is seeking a valuation of up to $1.33 billion. It raised 4.69 billion rupees ($50.26 million) from anchor investors on Wednesday, with about 69% of the funds coming in from domestic mutual funds and life insurance companies.

The IPO is fully an offer for sale, with Coal India planning to offload up to 107.1 million shares. The stock is expected to list on March 30.

($1 = 93.3060 Indian rupees)

(Reporting by Vivek Kumar M and Nandan Mandayam in Bengaluru; Editing by Janane Venkatraman)

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March 23 (Reuters) - Coal India Ltd COAL.NS:

• BOARD APPROVES CLOSURE OF MJSJ COAL LIMITED

• CLOSURE DUE TO NON-OPERATION AND SUPREME COURT CANCELLATION OF COAL BLOCKS

Source text: ID:nBSE48QR5x

Further company coverage: COAL.NS

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Adds details throughout

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 18.38-billion-rupee ($198.68 million) initial public offering, according to a newspaper advertisement.

The company, which provides consultancy and support services for coal and mineral exploration, is seeking a valuation of $1.33 billion at the upper end of the price band.

The IPO, which will be open for subscription from March 20 to March 24, comes as global markets face pressure from geopolitical tensions linked to a conflict in the Middle East .

Weak sentiment has also affected India's primary market, with seven of the 11 IPOs launched so far in 2026 listing below their initial issue prices.

Bharat Coking Coal BARC.NS, another subsidiary of Coal India, nearly doubled on its debut in January, supported by the strong backing of its parent company and robust demand for coking coal from steelmakers.

Central Mine Planning's IPO is entirely an offer for sale, with Coal India planning to offload up to 107.1 million shares.

The company reported a profit of 4.25 billion rupees for a nine-month period ended December 2025, up roughly 9% from year-ago period.

($1 = 92.5100 Indian rupees)

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

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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)

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** Coal India COAL.NS rises as much as 4.7% to 467.90 rupees, bucking broader market trend; set for third session of gains

** Expectations of higher demand for alternative feedstock amid Middle East conflict, early summer supporting state-owned co, say two analysts

** On Wednesday, India's coal ministry said country has sufficient supplies to meet what is expected to be an unprecedented surge in demand during summer months

** Pithead stock at COAL, which produces three-quarters of India's output, was around record 121.4 million tons as of March 9

** More than 11.7 million shares traded, 1.2x the 30-day avg

** Stock rated "buy" on avg; median PT is 436 rupees, per data compiled by LSEG

** YTD, COAL up 16.5%

(Reporting by Urvi Dugar in Bengaluru)

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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)

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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)

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** 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)

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

• COAL INDIA - ALLAYS DOMESTIC COAL DEFICIENCY SITUATION

• COAL INDIA - SIGNALS COAL DEMAND COULD GO UP IN ENSUING MONTHS

• COAL INDIA - PRODUCING UNITS ARE HOLDING SIZEABLE PITHEAD COAL STOCK TO TUNE OF 115 MTS AS OF 26 FEB

• COAL INDIA - HIGHER QUANTITIES OF DOMESTIC COAL AVAILABILITY COULD CATALYSE COAL IMPORT REDUCTION

• COAL INDIA - INTERNATIONAL COAL PRICES HAVE SHOWN AN UPWARD TREND AS OF FEBRUARY 2026

• COAL INDIA - HIGHER DOMESTIC COAL AVAILABILITY MAY REDUCE IMPORTS

• COAL INDIA - COAL STOCKS AT DOMESTIC COAL-BASED POWER PLANTS AT NEARLY 55 MILLION TONNES AS OF FEB 25

Source text: ID:nBSE6GzNzn

Further company coverage: COAL.NS

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

• BECOMES L1 BIDDER FOR COAL INDIA TENDER

Source text: ID:nBSEc72jB8

Further company coverage: MSTC.NS

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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.)

(([email protected]; +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)

(([email protected]; +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)

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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

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

• COAL INDIA - CIL APPROVES 31.90 BILLION RUPEES INVESTMENT IN BCGCL

Source text: ID:nBSE5cW8ds

Further company coverage: COAL.NS

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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

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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

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Adds details throughout

By Vivek Kumar M and Urvi Dugar

BENGALURU, Jan 19 (Reuters) - Shares of Bharat Coking Coal BARC.NS, India's top coking coal miner, soared as much as 96% in their market debut on Monday, buoyed by optimism around the country's steel sector.

The stock pared some of its gains to trade 83.4% higher at 42.19 rupees as of 10:26 a.m. IST on the National Stock Exchange of India, valuing the company at 196.48 billion rupees ($2.16 billion).

The shares listed at 45 rupees, compared to the issue price of 23 rupees. The benchmark Nifty 50 .NSEI was down 0.6% on the day.

The company, which produces coking coal - a key steelmaking raw material - is a unit of government-owned Coal India COAL.NS, one of the world's largest coal producers. This is India's first mainboard listing of 2026.

"A combination of things like lower ticket price, reasonable valuations and strong parentage of Coal India have driven the surge in stock," said Sunny Agrawal, head of fundamental equity research at SBICAPS Securities.

"One can look at Bharat Coking Coal as a proxy player for steelmakers, which currently enjoy a strong business outlook," Agrawal added.

The $118.7-million IPO drew bids worth $13 billion last week, making it one of the most heavily subscribed state-run offerings in recent years.

India ranked as the world's second-largest primary market in 2025 after the United States, according to LSEG data.

Bharat Coking Coal's stellar listing reflects its strategic importance in India's steel and metallurgical coal supply chain, said Shivani Nyati, head of wealth at Swastika Investmart.

The company plans to acquire coking coal mines in Australia and Russia in the next two to three years, its Chairman and Managing Director Manoj Kumar Agarwal told Reuters last week.

($1 = 90.7910 Indian rupees)

(Reporting by Urvi Dugar and Vivek Kumar M in Bengaluru; Editing by Janane Venkatraman and Sonia Cheema)

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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)

(([email protected]; 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)

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Adds analyst comment in paragraph 4,6 & 7

By Hritam Mukherjee and Urvi Dugar

Jan 9 (Reuters) - The IPO of India's largest coking coal miner was oversubscribed on the first day of bidding on Friday, as investors lined up for the first main board listing of 2026 and the maiden public sale from a firm in the key sector.

Bharat Coking Coal's BARC.NS $118.7 million IPO drew bids for 1.72 billion shares, nearly five times the shares on offer, as of 1:20 p.m. IST. The firm's parent state-owned Coal India COAL.NS is offloading a 10% stake in the IPO.

India was the world's second-largest primary equity issuance market in 2025, with firms raising $21.8 billion through 367 deals in 2025, data compiled by LSEG showed.

"The pace of oversubscription in BCCL's IPO sets the tone for the rest of the year," said Mahesh Ojha, Vice President of research and business development at Kantilal Chhaganlal Securities.

"India's coking coal demand remains structurally strong, driven by sustained growth in steel production, infrastructure development, and industrial expansion," Ojha said in a note.

Coking coal is a critical raw material for blast furnace–based steelmaking. India, the world's second-largest crude steel producer, is seeking to curb import dependence amid rising demand.

At the IPO, retail investors bid for 864.9 million shares, more than six times the portion allocated to them.

The offering comes as the Indian government is pursuing divestment plans in state-owned firms, with public sector banks and energy firms at the forefront.

Bharat Coking's revenue fell 3% to 138.03 billion rupees in fiscal year 2025, while its net profit declined 20% to 12.4 billion rupees.

The firm had total reserves of about 1,495.4 million tonnes as of March 31, 2025.

The shares are expected to make their trading debut on January 16.

($1 = 90.2650 Indian rupees)

(Reporting by Urvi Dugar and Hritam Mukherjee in Bengaluru; Editing by Sonia Cheema and Mrigank Dhaniwala)

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

• CIL ALLOWS DIRECT PARTICIPATION OF FOREIGN BUYERS IN E-AUCTION

• PERMITTED COAL CONSUMERS IN BANGLADESH, BHUTAN, NEPAL TO PARTICIPATE IN AUCTIONS

Source text: ID:nBSE34smlq

Further company coverage: COAL.NS

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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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