Coal news and updates

SCCL’s e-auction premium drops 46% in 2013-14

August 26: Singareni Collieries Company Ltd (SCCL) has suffered a 46% drop in its e-auction premium (additional revenues over notified price) in 2013-14 over the previous year, primarily due to lower offerings and sales, according to data available with ICMW.

Additional revenues earned from e-auction of coal over the notified price dropped to Rs 182.18 crore in 2013-14 from Rs 335.71 crore earned a year ago. This was the lowest in three years and is almost half of the premium earned in 2011-12, the data showed.

The drop was attributed to a 29% fall in total offerings at 33,86,700 tons in 2013-14, compared to 47,74,400 tons in 2012-13. Also, the quantity sold was down by 26% from 37,59,099 tons in 2012-13 and 27,71,732 tons in 2013-14.

Over the last 5 years (since 2009-10), the company has sold 1,33,18,124 tons of coal through e-auction which fetched a total profit of Rs 1,053.51 crore, the data revealed.