Metal, power stocks down ahead of SC verdict on coal blocks

Hindalco, Jindal Steel & Power are the top losers ahead of the SC verdict on coal blocks

Metal stocks such as Hindalco and Jindal Steel & Power were down 1-2% ahead of the Supreme Court's decision on coal block allocations later today.

Earlier on September 1, the Centre had requested the Supreme Court not to cancel the permits for 46 coal blocks that were functioning or were about to start production.

Around 40 of the 105 blocks with private companies are producing coal and six are ready for production.

The Mahan Coal block allocated to Hindalco eight years ago to feed its aluminium plant in Madhya Pradesh.

With regards to Jindal Steel and Power it is the Utkal B1 block. JSPL needs access to coal from Utkal B1 mine for its steel and power project at Angul in Odisha.

In the metal pack, Hindalco was down 1%, Jindal Steel & Power slipped 2%, Sesa Sterlite dipped 1.6% and Tata Steel was down 0.8%. In the power segment, Adani Power was down 1.6%, Reliance Power lost 0.5%, NTPC was down 0.1% while Tata Power was up 0.4%.