Online auction showers Coal India with profit
What was introduced by the government five years back as a tool to help coal consumers in the small non-core sector, has turned out to be a cushion for the largest coal producer in the world against flat production.
The contribution of spot sales of coal or e-auction, to Coal India’s overall revenues has seen a sharp rise from 11.9 per cent in 2007-08 to 17.5 per cent last financial year, even as its contribution to overall volume of coal sold remained stagnant at 10 per cent over the four-year period. This is a result of an over 37 per cent jump in the average sale price at e-auction from Rs 1,346 a tonne to Rs 1,846 during the same period. Thanks to the historic coal shortages, which marked this phase, forcing buyers to opt for the costly e-auction coal. For more visit: Business-Standard
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