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Stock Report
Coal India floats its maiden tender for coal imports
Posted On : 2022-06-09 15:11:12( TIMEZONE : IST )
In a first ever, Coal India Limited (CIL) on Wednesday floated an international competitive bidding e-tender, seeking bids for import of 2.416 million tonnes (MTs) of coal.
The coal being sourced on behalf of the state generating companies (gencos) and independent power plants (IPPs) is based on the indents received from them. It is for July-September period of the current fiscal year.
There is a provision in the tender to accommodate a variation of above or below 30 percent of the bid quantity. The coal being sought is 5000 GAR [gross as received) thermal grade coal.
Government of India had nominated CIL as a centralized agency to augment coal supplies to state gencos and IPPs through import of coal, at a time when the demand for coal is high.
CIL's Board on 2 June had given its nod for the company to proceed ahead with the issuance of two international tenders for sourcing coal from overseas, a short term and a medium term tender.
The current short term tender for import of coal, for Q2 of FY'23, is source agnostic. This means the coal can be sourced from any country.
Though coal import is an uncharted terrain for CIL, within a week of receiving indents from the 7 State Gencos and 19 IPPs, for a total of 2.416 MTs of coal, the company on a war footing has finalized and floated the tender.
The last date for the receipt of bids is 29th June. There is an option of pre-bid meeting on 14th June to seek clarification on any nuances of the tender.
After the price discovery, CIL shall immediately execute a contract with the successful bidder for supply of coal. Then the state owned coal miner shall enter into a back to back agreement with state gencos and IPPs to whom coal has to be supplied.
The coal imported shall be routed through 9 ports located in east and west coasts of the country. The successful agency, selected through the bidding process, shall deliver coal at the doorstep of the power plants of state gencos and IPPs.
Shares of Coal India Limited was last trading in BSE at Rs. 197.65 as compared to the previous close of Rs. 197.55. The total number of shares traded during the day was 851218 in over 9760 trades.
The stock hit an intraday high of Rs. 201.95 and intraday low of 196.70. The net turnover during the day was Rs. 169908934.00.
