 "Hindalco inches up on securing Gare Palma coal mine")
Shares of industry leader in aluminium and copper, Hindalco Industries have inched up in today’s trade and are trading higher by 1.4% to Rs 154 on the BSE after it won the Gare Palma coal mine in Chhattisgarh by outbidding companies like BALCO, Sesa Sterlite, Ambuja Cements, which were also vying for the same block.
"Gare Palma coal mine was won by Hindaco Industries at Rs 3,502 per tonne today. The mine was put on offer yesterday and the bidding for the block lasted for over 12 hours," a senior Coal Ministry official said.
Hindalco has secured two mines out of the 13 put on offer to date.
On the second day of auction, Hindalco Industries won Kathautia mine in Jharkhand.
The government is auctioning the coal blocks after the Supreme Court cancelled allocation of 204 mines in September last year. It has put 19 mines on block in the first tranche.
The stock opened at Rs 153 touched a high of Rs 155 on the BSE. A total of 238,746 shares changed hands on the BSE so far.
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