Media reports have highlighted that CIL?s e-auction volumes have been uncapped (vs 7% cap agreed upon earlier) and are likely to revert to old normal (~10%). This reaffirms our long-held view of unsustainability of limits on e-Auction volumes, especially with a view to divert the volumes to FSA consumers (mainly power). The modes of offtake for the two categories make the caps difficult to sustain. Positive comments from the power consumers on improving coal stock would have also helped.