Hindalco Industries gains after winning a coal block in Jharkhand

Hindalco Industries rose 0.54% to Rs 148.70 at 9:15 IST on BSE after the company won the Dumri coal block in Jharkhand at Rs 2,127 per tonne on the third day of coal auctions for schedule III category mines held on Saturday, 7 March 2015.

Meanwhile, the S&P BSE Sensex was down 341.38 points or 1.16% at 29,107.57

On BSE, so far 35,695 shares were traded in the counter as against average daily volume of 8.71 lakh shares in the past one quarter.

The stock hit a high of Rs 150 and a low of Rs 148 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 112.15 on 5 March 2014.

The Dumri coal block has a total extractable reserve of 40.854 million tonnes.

The coal ministry has started auctioning coal blocks after the Supreme Court in September last year cancelled the allocation of more than 200 coal mines allotted between 1993 and 2010 after ruling that they were arbitrary and illegal.

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.

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