Hindalco Industries gains after reports Jharkhand govt may soon allow mining in Hisri

Hindalco Industries rose 3.4% to Rs 77.60 at 15:25 IST on BSE after reports that the Jharkhand government would soon allow the company to commence mining in Hisri.

Meanwhile, the BSE Sensex was up 178.42 points, or 0.69%, to 26,137.05.

On BSE, so far 21.24 lakh shares were traded in the counter, compared with an average volume of 15.63 lakh shares in the past one quarter.

The stock hit high of Rs 79.05 and low of Rs 75.15 so far during the day. The stock hit a 52-week high of Rs 176.40 on 27 November 2014. The stock hit a 52-week low of Rs 67.55 on 29 September 2015.

The Jharkhand government reportedly was directed by the high court to issue an order on the Hisri mines. The government had ordered the closure of five bauxite mines belonging to company back in September 2014 as part of its drive to crack down on mines running on temporary or deemed leases, report added.

Hindalco Industries' net profit rose 31.1% to Rs 103.27 crore on 4.3% increase in net sales to Rs 8840.86 crore in Q2 September 2015 over Q2 September 2014.

A part of the Aditya Birla Group, Hindalco Industries is the world's largest aluminium rolling company and one of the biggest producers of primary aluminium in Asia. Its copper smelter is amongst the largest single location custom smelter globally.

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