Gujarat NRE Coke said on Monday its board has approved the plan to issue five crore warrants to promoters on preferential basis and raising capital of up to $150 million (Rs 750 crore) by issuing securities.
High quality coal, good infrastructure, political stability and the ease of doing business has made Australia the preferred coal supplier for India, with many Indian private companies acquiring mines and setting up joint ventures to tap into the
Gujarat NRE Coke is trading higher by 3% at Rs 47.10 after reporting 93% year-on-year growth in net profit at Rs 38.66 crore for the first quarter ended June 2011. The company had reported a net profit of Rs 20.04 crore in the same quarter of the previous
However, the net income of the company registered a marginal decline of 3.53% during the quarter at Rs 436.15 crore as compared to Rs 452.15 crore of April-June quarter of FY11, it said in a filing to the Bombay Stock Exchange (BSE).
Gujarat NRE Coke is trading higher by 2% at Rs 50.60 after the company decided to raise upto $60 million through the issuance of foreign currency convertible bonds (FCCBs).
Gujarat NRE Coke's Australian subsidiary, Gujarat NRE Coking Coal will increase production to 2.5 million tonne by March 2012 from the current 1.5 million tonne.
Gujarat NRE Coke, the country's largest private met coke producer, today said it has paid $17.4 million for the conversion of its 174 zero coupon unsecured foreign currency convertible bonds (FCCB) to the bond holders.
Coking coal producer Gujarat NRE Coke today said its Australian subsidiary Gujarat NRE Australia has raised over Rs 320 crore through institutional placement of shares.
The company had posted a net profit of Rs 28.88 crore for the October-December quarter of the previous fiscal, Gujarat NRE Coke said in a filing to the Bombay Stock Exchange.
Gujarat NRE Coke sees demand for coking coal from its Australian unit "rising substantially" after floods in some parts there hit supplies to Asian steelmakers, a senior official said on Wednesday.
Gujarat NRE Coke Ltd said on Wednesday its Australian unit reported a net profit for the half-year ended September, compared with a loss a year ago, helped by higher coking coal output and robust prices.
Due to a lean second quarter of fiscal 2010-11, Gujarat NRE Coke Ltd. has posted a net profit of Rs 9.92 crore as against Rs 20.21 crore for the corresponding period last year, a fall by around 50 per cent.
Coal miner major Gujarat NRE Coke today said it would invest $450 million in its coal mines in Australia to take its total annual production capacity to six million tonnes in the next five years, besides creating 150 new jobs.
Prices of metallurgical coke, a vital raw material in steel making, may rise up to Rs 5,000 a tonne by December on increasing demand, a leading coke manufacturer has said.
Gujarat NRE Mineral Resources Ltd (GNMRL) is set to offer 25 per cent of its equity to the public. The company is the controlling stake holder in India's largest independent metallurgical coke producer, Gujarat NRE Coke Ltd (GNCL).
Gujarat NRE Coke is trading 4% higher at Rs 63.75 after the company said it will issue foreign currency convertible bonds (FCCB) subject to the approval of members. The board will meet on September 10 to consider the issue.
Gujarat NRE Coke Ltd, the largest Independent metallurgical coal producer in India rides steadily on the strong demand flow, thanks to steel producers who are the largest consumers of coke.
