Coal India on Wednesday reported a 16.3 per cent decline in consolidated net profit at Rs 2,948.12 crore for the September quarter on the back of higher expenses. The net profit was Rs 3,522.70 crore in the July-September period a year ago.

Income during the quarter marginally increased to Rs 22,237.82 crore from Rs 22,012.94 crore in the year-ago period. Expenses rose to Rs 18,177.82 crore from Rs 17,734.44 crore a year ago.

Dividend for Centre

The Centre will receive an amount of Rs 3,056 crore as dividend from Coal India Ltd as the miner has announced an interim dividend at a rate of Rs 7.50 per share for the 2020-21 financial year, an official said. The total interim dividend outgo for Coal India will be Rs 4,622 crore.

Bank wage pact

Over 8.5 lakh employees, mostly from public sector banks, will get a 15 per cent hike in pay, with the conclusion of the 11th Bipartite Wage Negotiations on Wednesday. The hike in wages would be for a period of five years starting November 1, 2017.

After three years of intense negotiations, bank employees’ unions and the Indian Banks’ Association (IBA) have entered into a memorandum of understanding for the wage hike.