Gujarat NRE gains on loan sanction

The shares of Gujarat NRE Coke rose 3.66 per cent to Rs 31.15 after its subsidiary secured a $50-million loan to support its coal mining facility in Australia. An international consortium of banks sanctioned the loan to Gujarat NRE Minerals for mine development at the collieries — NRE No 1 and NRE Wongawilli.

The stock opened at Rs 30.5 and hit an intra-day high of Rs 31.95. The counter witnessed trading volumes of 1.17 crore shares (about thrice its two-week average). The scrip gained 20 per cent in the past week.