NTPC under pressure on coal shortage concerns - Economic Times

Prices | Financials | Company Info | Reports MUMBAI: Shares of NTPC were witnessing selling pressure in trade today as sentiment turned bearish on the counter following its tussle with Coal India on quality of coal supplied to it. According to reports, NTPC held back payment of Rs 1,000 crore to Coal India, saying it won't pay for stones and rocks that come along with coal. Meanwhile, Coal India has stopped supplies to some units from April 1, 2013. Some of the NTPC plants have already stopped functioning and the remaining will last less than 24 hours, wiping off 5,000 mw of capacity. Meanwhile, Coal India sources have told ET Now that Coal India and NTPC are likely to resolve coal quality issue in next 1-2 days. Coal India already hired agencies to test coal quality before dispatch. The coal supply may be continued normally from next week Media reports said that the Coal Ministry has now directed Coal India to continue supplying at least 50 per cent of fuel requirements to NTPC for the time being. "The supply (of coal by CIL to NTPC) has been discontinued. CIL had taken a decision. But the instructions have been sent by our ministry (to CIL) that for the time being at least 50 per cent of supply should continue," PTI quoted Coal Minister Sriprakash Jaiswal as saying. "In the meantime after having talks with NTPC, the dues will be recovered," he added. At 01:55 p.m.; NTPC was at Rs 139.65, down 3.26 per cent, on the BSE. It touched a high of Rs 144.20 and a low of Rs 139.35 in trade today. Copyright © 2013 Times Internet Limited. All rights reserved. via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNGAvn-3V0n-TgrjTdHp-20KgtN4_w&url=http://economictimes.indiatimes.com/markets/stocks/stocks-in-news/ntpc-under-pressure-on-coal-shortage-concerns/articleshow/19397455.cms

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