No hike in coal prices now, can't say about future: Minister

New Delhi, Aug 7 (PTI) The Indian government on Friday
turned down state-run Coal India Ltd's revived demand for an
increase in coal prices saying there is no plan for a hike at
the moment, though it left some leeway for itself in the
future.

"No plan (to hike coal prices) yet... but can't say about
the future," Coal Minister Sri Prakash Jaiswal told reporters
here on Friday.

Navratna Public Sector Unit (PSU) Coal India on Friday
sought a hike in coal prices on the back of a decline in its
retained earnings.

Coal India CMD P S Bhattacharya told reporters on Friday
here, "Coal India has reported a sharp drop in retained
earnings because of wage built annual impact. A profit of Rs
300 crore on a turnover of Rs 45,000 crore is low. We see the
scope for moderate increase in coal prices."

He further said there is no shortage of coal for the
thermal power plants.

Retained earnings are that percentage of net earnings of
a company that is not paid out as dividends but is retained by
the company to be reinvested for the growth of the business,
like investing in machinery etc. PTI MEG
SDE
NNNN



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