Hindalco gains after SC stays summons to company executives in coalgate

Hindalco Industries rose 2.32% to Rs 132.15 at 14:09 IST on BSE on reports the Supreme Court stayed the trial court order for summoning former Prime Minister Manmohan Singh and others in the coal block allocation case.

Meanwhile, the BSE Sensex was up 133.50 points, or 0.48%, to 28,090.99.

On BSE, so far 6.20 lakh shares were traded in the counter, compared with an average volume of 8.19 lakh shares in the past one quarter.

The stock hit a high of Rs 132.90 and a low of Rs 127.70 so far during the day. The stock hit a 52-week high of Rs 198.70 on 25 July 2014. The stock hit a 52-week low of Rs 123.50 on 16 March 2015.

The stock had underperformed the market over the past one month till 31 March 2015, sliding 15.62% compared with 4.78% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 18.10% as against Sensex's 1.67% rise.

The large-cap company has an equity capital of Rs 206.50 crore. Face value per share is Re 1.

According to reports, the Supreme Court has stayed summons issued to former Prime Minister Manmohan Singh, K.M. Birla, former coal secretary P.C. Parakh and two Hindalco Industries executives in relation to the allocation of a coal block in Odisha.

A Supreme Court bench comprising justices Gopala Gowda and C. Nagappan also issued notices to the Union government on a plea by Hindalco challenging constitutional validity of section 13 (1)(d)(iii) of the Prevention of Corruption Act, according to reports.

On 11 March 2015, a special court judge Bharat Parashar, hearing the criminal cases arising out of the irregular coal block allocations during 1993-2010, had summoned Singh, Birla, Parakh and Hindalco executives over charges of criminal conspiracy and corruption. The case in the trial court pertains to the allotment of Talabira II and Talabira III coalfields in Odisha to a joint venture between Hindalco, Neyveli Lignite Corporation (NLC) and Mahanadi Coalfields in 2005.

Hindalco Industries' net profit rose 7.6% to Rs 359.36 crore on 17.9% rise in total income to Rs 8815.51 crore in Q3 December 2014 over Q3 December 2013.

Hindalco, a part of Aditya Birla Group, is the aluminium rolling company. It is one of the three biggest producers of primary aluminium in Asia with the largest single location copper smelter.

Powered by Capital Market - Live News