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Coal India's Explosive Boost: Rs 766 Crore Order for Energetics Amid Soaring Demand

  • Posted on October 22, 2023
  • Business
  • By TSW NEWS DESK
  • 182 Views

In response to the surging demand for coal, government-owned Coal India has made a significant move by awarding a massive Rs 766 crore order to GOCL Corporation, a leading company specializing in energetics and commercial explosives. This development comes as a response to the robust demand for coal, which has been on the rise in the current financial year of 2023-24.

Coal India's Explosive Boost: Rs 766 Crore Order for Energetics Amid Soaring Demand Image Source -www.psuconnect.in

In response to the surging demand for coal, government-owned Coal India has made a significant move by awarding a massive Rs 766 crore order to GOCL Corporation, a leading company specializing in energetics and commercial explosives. This development comes as a response to the robust demand for coal, which has been on the rise in the current financial year of 2023-24.

Coal India has been playing a pivotal role in the power sector, with a remarkable 3.4 percent increase in the supply of coal during the first half of this financial year, totaling 294.8 million tonnes. This supply surpasses the projected demand of 293 million tonnes for the same period, highlighting coal's undeniable significance in India's energy landscape. Coal accounts for 55 percent of the country's energy needs, as reported by the Ministry of Coal.

The lucrative order from Coal India to GOCL Corporation involves the supply of bulk explosives. Coal India, having earned the prestigious Maharatna status from the government in 2011, is committed to sustaining and amplifying its coal supply capabilities.

The execution of this substantial order is scheduled over a two-year timeframe, from October 2023 to October 2025, demonstrating the long-term commitment to meeting the increasing demand for coal in India.

Coal, which is the primary source of electricity in the country, is predominantly produced by the government-run Coal India Limited, contributing to over 80 percent of India's coal production. This development signifies a significant boost in the coal supply chain.

The announcement of this monumental order had an immediate impact on the stock market. GOCL Corporation's shares hit a new 52-week high, reaching Rs 622.95, underlining the market's positive response to this significant deal. In contrast, Coal India's shares closed at Rs 312.30, reflecting its pivotal role in this strategic partnership.

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These explosives, supplied by GOCL Corporation, serve critical purposes at mining sites, particularly for blasting operations. The company also plays a crucial role in supplying products for mining infrastructure projects, contributing to the growth and development of the mining sector in India.

Coal India, operating under the Ministry of Coal, remains India's largest coal-producing company, and it retains its status as the world's largest coal miner. This new order reinforces its commitment to meeting the surging demand for coal in the country, ensuring a stable supply of this essential fossil fuel.

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