Hindalco, Reliance Power gains on govt nod for coal blocks

Hindalco has rallied more than 5% on the BSE

Shares of Hindalco Industries and Reliance Power are trading higher by over 3% each in otherwise weak market after an empowered group of ministers (EGoM) on Wednesday gave the go-ahead to start mining at two coal blocks allotted to them, albeit with some riders.

“A ministerial panel recommended conditional forest clearances for developing Reliance Power's Chhatrasal and Essar-Hindalco's Mahan coal mines and also decided to do away with controversial 'go no go' classification of coal blocks,” the PTI report suggests.

Hindalco, the largest gainers among the Sensex stocks, has rallied more than 5% to Rs 120 on the Bombay Stock Exchange (BSE). As many as a combined 14.32 million shares have already changed hands on the counter, against an average 9.5 million shares that were traded daily in past ten trading days on both the exchanges.

Reliance Power too, surged over 3% at Rs 93.30, with a combined 2.25 million shares have changed hands on the counter till noon deals on the BSE and NSE.