Hindalco Industries shines on winning Gare Palma coal block

Hindalco Industries rose 1.25% to Rs 153.50 at 10:32 IST on BSE after the company won the Gare Palma IV 5 coal block in Chhattisgarh.

Meanwhile, the BSE Sensex was up 76.30 points, or 0.26%, to 29,396.56

On BSE, so far 1.88 lakh shares were traded in the counter, compared with an average volume of 8.92 lakh shares in the past one quarter.

The stock hit a high of Rs 154.45 and a low of Rs 150.15 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 96.95 on 24 February 2014.

The stock had outperformed the market over the past one month till 18 February 2015, rising 9.5% compared with 4.26% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 2.45% as against Sensex's 4.11% rise.

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

Hindalco Industries won the Gare Palma IV 5 coal block in Chhattisgarh for Rs 3,502 per tonne, according to the results of e-Auction for Schedule II coal mines announced by the Ministry of Coal today, 19 February 2015.

As per information shared with the bidders, Gare Palma IV 5, spread over 828.26 hectares has extractable coal reserves of 50 million tonnes while balance as on 1 April 2014 was 42.43 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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