Coal India earnings rise by 64%

Coal India said its fiscal first quarter profit surged 64 per cent, beating street estimates, as stronger sales and a price increase effected in February boosted margins. India holds 10 per cent of the world’s coal reserves but local supplies are falling short of demand as the country builds more power plants, and as domestic coal projects run into environmental and land acquisition delays. Power-hungry India, where frequent black-outs are common, aims to halve its peak-hour power deficit of nearly 14 per cent in two years. Asia’s third largest economy is likely to import 135 million tonnes of coal in the financial year that began April 1. From / Gulf Today