The state-run company missed its April-September target by about 20MT, recording an output of 176MT against the target of 196MT, which it has blamed on inclement weather, including heavy rains in August-September that affected production in almost all its collieries
New Delhi: Coal India (CIL) has asked the government to scale down its production target for the 2011-12 financial year to 448 million tonnes (MT) from 452MT at present, fearing it will not be able to make up for slippage in output in the first half of the fiscal, reports PTI.
The state-run company missed its April-September target by about 20MT, recording an output of 176MT against the target of 196MT, which it has blamed on inclement weather, including heavy rains in August-September that affected production in almost all its collieries.
“We have requested coal minister Sriprakash Jaiswal to bring it (target for the current fiscal) down to 448MT... as it was discovered that it would not be possible for Coal India to produce 452MT,” a top company official told PTI.
During the course of an assessment of production this month, it emerged that it was very difficult to make up for losses of 20MT that occurred in the first half of the fiscal during the remaining months of the year, the official said.
Meanwhile, the five Coal India trade unions that met with coal minister Sriprakash Jaiswal yesterday had assured him of their best efforts to meet the company’s annual production target after their employee bonuses were revised upward to Rs20,000 per worker instead of the earlier announced Rs17,000.
“We will try to meet the target of 452 million tonnes,” INTUC secretary general SQ Zama said.
The Planning Commission had last month asked the coal ministry to chalk out an action plan to ensure that CIL meets its production target for the current financial year.
CIL, which accounts for 80% of domestic coal production in the country, had missed its production target last fiscal, recording an output of 431MT against the revised target of 440MT.
Sundaram MF new issue closes on 31st October
Sundaram Mutual Fund has launched Sundaram Capital Protection Oriented Fund 5 Years (Series 3), a close-ended income scheme.
The investment objective of the scheme would be to seek income and minimise risk of capital loss by investing in a portfolio of fixed income securities. The scheme may invest a part of the assets in equity to seek capital appreciation. The tenure of the scheme is XX days.
The new issue closes on 31st October. CRISIL MIP Blended Index is the benchmark index. Dwijendra Srivastava is the fund manager for debt portion and Srividhya Rajesh is the fund manager for equity portion of the scheme.
Kotak Mahindra MF new issue closes on 19th October
Kotak Mahindra Mutual Fund has launched Kotak FMP Series 62 (370 Days), a close-ended income scheme.
The investment objective of the scheme is to generate returns through investments in debt and money market instruments with a view to significantly reduce the interest rate risk. The Scheme will invest in debt and money market securities, maturing on or before maturity of the scheme.. The tenure of the scheme is 370 days.
The new issue closes on 19th October. The minimum investment amount is Rs5,000.
CRISIL Short Term Bond Index is the benchmark index. Abhishek Bisen and Mayank Prakash are fund managers.