JSW Steel gains after winning Moitra coal mine

JSW Steel gained 0.63% to Rs 998.80 at 11:00 IST on BSE after the result on Coal Ministry showed that the company won the Moitra coal mine in Jharkhand after submitting closing bid of Rs 1512 per tonne

The results of ongoing e-Auction for Schedule III coal mines was announced by the Ministry of Coal on 4 March 2015.

Meanwhile, the BSE Sensex was up 22.41 points, or 0.08%, to 29,403.14.

On BSE, so far 25,275 shares were traded in the counter, compared with an average volume of 69,609 shares in the past one quarter.

The stock hit a high of Rs 1,016 and a low of Rs 996 so far during the day. The stock hit a 52-week high of Rs 1,365.35 on 2 September 2014. The stock hit a 52-week low of Rs 866.90 on 4 March 2014.

The stock had underperformed the market over the past one month till 4 March 2015, falling 0.11% compared with 1.72% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 15.07% as against Sensex's 2.86% rise.

The large-cap steel manufacturer has an equity capital of Rs 241.72 crore. Face value per share is Rs 10.

JSW Steel won the Moitra coal mine in Jharkhand after submitting closing bid of Rs 1512 per tonne, according to the results of e-Auction for Schedule III coal mines announced by the Ministry of Coal on 4 March 2015. Forward e-auction bidding method was adopted for the said mine. Moitra coal mine has end use in iron & steel, cement and coal preparation plant (CPP).

E-auction of Schedule III coal mines has started on 4 March 2015 and wil end on 9 March 2015. E-auction of Schedule II coal mines has already completed.

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.

JSW Steel's consolidated net profit fell 29.5% to Rs 328.94 crore on 2.9% drop in total income to Rs 13235.94 crore in Q3 December 2014 over Q3 December 2013.

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