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'At best, equities will offer 15-20% returns'
Palak Shah / Mumbai December 29, 2009, 0:02 IST

Markets gain ahead of Reliance results
The markets witnessed some volatility in the first half of the day, as traders awaited the Reliance numbers. However, renewed buying interest in the latter half of the day backed strong quarterly earnings so far saw the markets stage a smart rally.

News of the day

ONGC hires drill rig from RIL for Rs 3,915 crore
State-run Oil and Natural Gas Corp (ONGC) has hired an ultra deep-sea drill rig from Reliance Industries for four years at close to Rs 3,915 crore.
Public Relations

CIL to commission 19 washeries entailing Rs 3K cr investment

Coal India, the country"s largest coal producer, is set to commission 19 washeries over the next five years with an investment of Rs 3,000 crore. - Sadbhav Engineering bags order for Rs 225 cr from CIL"s subsidiary - CIL set to remove imported coal clause for consumers - CIL seeks approval for compensatory shares out of divestment - Govt may sell 15% stake in Coal India - CIL targets 7.7% growth in 2009-10 - CIL to spend $1-1.5 bn to acquire assets in 4 countries These facilities would help the company in enhancing the quality of its coal through washing. "We have decided to go for washeries at a large scale on build, operate and maintain (BOM) basis. We are planning for 19 washeries with a total investment of Rs 3,000 crore in the first instance (by 2015) with capacity to wash 105 million tonnes of coal," CIL Chairman Partha S Bhattacharyya said. The company plans to start commercial operation of six out of the 19 washeries by March 2013, he said. "Contract signing for these 6 washeries is likely to be completed by March 2010," he added. The company will float global tenders for another eight facilities in the next six months and plans to commission them by 2013-14, Bhattacharyya said adding that another five washeries would be added by 2014-15. Of the 6 washeries proposed by March 2013, three will be set up at its subsidiary Bharat Coking Coal Ltd, two at Mahanadi Coalfields Ltd and one at Central Coalfields Ltd. The Navratna PSU also plans to add about 20 washeries in the second phase (post-2015), he said.


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