New Delhi, India | April 10, 2026
India’s corporate and financial landscape witnessed key developments on Friday, with major announcements impacting energy supply, banking liquidity, and corporate leadership.
State-run Coal India Limited took steps to shield consumers from rising input costs, while the Reserve Bank of India announced a significant liquidity management operation. Meanwhile, Bharat Petroleum Corporation Limited appointed a new chairman and managing director.
Coal India Absorbs Rising Costs Amid Price Surge
Coal India has absorbed the impact of rising costs of explosives and industrial diesel to ensure affordable coal supply for consumers.
Prices of ammonium nitrate—accounting for nearly 60% of explosive costs—have surged sharply following geopolitical tensions in West Asia. The price jumped from ₹50,500 per metric ton pre-conflict to ₹72,750 per metric ton as of April 1, 2026, marking a 44% increase. As a result, average explosive costs rose by 26% by the end of March.
Similarly, industrial diesel prices increased from ₹92 to ₹142 per liter between mid-March and early April, reflecting a steep 54% rise.
Despite these cost pressures, Coal India’s subsidiaries have reduced reserve prices in single-window e-auctions and increased auction frequency to maintain supply stability.
However, the company reported a slight decline in output, with coal production for FY 2025–26 falling 1.7% to 768.1 million tonnes.
RBI Announces ₹2 Lakh Crore VRRR Auction
To manage surplus liquidity in the banking system, the Reserve Bank of India will conduct a ₹2 trillion (₹2 lakh crore) 7-day Variable Rate Reverse Repo (VRRR) auction on Friday.
The move comes amid a sharp rise in liquidity due to the maturity of government securities. According to RBI data, surplus liquidity in the banking system is estimated to reach approximately ₹4.55 lakh crore as of April 9.
Recent maturities include ₹31,329 crore worth of government securities on April 8, with additional large maturities scheduled for April 12 and April 17.
Sanjay Malhotra, Governor of the RBI, stated after the monetary policy review that the central bank will continue proactive and precautionary liquidity management to support the economy’s productive needs.
Sanjay Khanna Appointed BPCL Chairman & MD
The Appointments Committee of the Cabinet has named Sanjay Khanna as the new Chairman and Managing Director of Bharat Petroleum Corporation Limited.
Khanna, who previously served as Director (Refineries), brings over three decades of experience in refinery operations. He will hold the position until May 31, 2029, or until further orders.
He played a key role in commissioning BPCL’s first Propylene Derivative Petrochemical Project (PDPP) at the Kochi refinery during the pandemic period.
BPCL currently has a refining capacity of 35.3 million metric tonnes per annum (MMTPA) and is targeting a transition to a net-zero energy company by 2040.
