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ICICI Securities Report
E-auction prices are difficult to predict as they are driven by several global factors as well as benchmark prices of other countries, especially Indonesia. Coal India Ltd.'s management expects e-auction prices to average Rs 5,000/tonne on blended basis for FY23.
Among subsidiaries, Eastern Coalfields Ltd. and Bharat Coking Coal Ltd. may clock higher average e-auction realisations, while the same for Mahanadi Coalfields Ltd. may be lower.
However, in the scenario where e-auction prices increase to sharply higher levels, consumers switch to procure power from the grid. In case of industries such as sponge iron, preference is towards imported coal only since the ash content is significantly lower.
Coal India expects capex of Rs 180-185 billion for FY24 (Rs 165 billion for FY23), mostly aimed towards increasing production and joint venture related capex.
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