Coal India’s net profit falls about 40% in Q2 Kolkata, November 12 (IANS): Coal India Ltd (CIL) on Saturday reported close to 40% fall in its consolidated net profit to Rs 368.88 crore in the quarter ended September 30, 2017 as compared to Rs. 612.44 crore in the corresponding quarter last fiscal. Its revenue from operations for the quarter stood at Rs 18,148.31 crore, up 4.19% from Rs 17,418.43 crore in the year-ago period.The miner produced 113.04 million tones (mt) of coal in July-September quarter of the current fiscal, as against 104.37 mt in the year-ago period. CIL’s off-take stood at 131.58 mt in the quarter ended September 30, 2017, as compared to 115.87 mt in the same period last financial year, it said in a BSE filing. The company envisaged production of 908.10 million tones in 2019-20 with a CAGR (Compound Annual Growth Rate) of 12.98% with respect to 2014-15. In 2017-18, the miner has targeted to produce 600 mt of coal and it produced 278.01 mt during the April to October period of the current fiscal. Govt to put more capital in PSBs to strengthen them: Jaitley Gurugram, November 12 (PTI): Finance Minister Arun Jaitley today said the government has decided to inject more capital in state-owned banks to strengthen the banking system and spur economic growth. Last month, the government had unveiled a staggering Rs 2.11 lakh crore two-year road map to bolster NPA-hit public sector banks, which includes recapitalisation bonds, budgetary support and equity dilution. Addressing heads of state-owned banks at ‘PSB Manthan’ here, Jaitley said the government has decided to put in more capital from the Budget, through bonds and banks’ equity expansion and “therefore, it is the country which is virtually going to pay to keep the banking system in good health”. The finance minister assured the bankers who gathered here that “you won’t find us interfering” in commercial transactions, but “when the system is making all these changes and all these monetary contributions in order to strengthen the banking system, we want robust public sector banking system so that your ability to support growth itself increases”. He further said one of the focus areas banks have taken up is to support MSMEs because the sector creating jobs and giving boost to the economy has no access to international finance or bond market. “...we need the third engine also to fire and a robust private sector, MSME sector so that optimum growth rate which we have the potential for can be reached,” he said.
