Jindal Steel up on hopes coal block bidding may help incumbents

Reuters Market Eye - Jindal Steel and Power gains 3.4 percent.

ICICI Securities says it hosted a roadshow for the company in UK.

Company was represented by Group CEO Ravi Uppal and head of investor relations D.Balasubramanyam, the broker adds.

JSPL expects coal block auction bidding process to help incumbents, as per ICICI Securities note.

While acknowledging competition, JSPL expects itself to be favourably disposed under the technical parameters, the note adds.

The coal ministry in November unveiled draft rules for auction of 204 coal blocks cancelled by top court earlier.

The process is expected to be complete by March 2015, the broker note says.

 

(Reporting by Abhishek Vishnoi)