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Block e-auction plan boosts metal stocks

Metal stocks on Tuesday rose up to 7.5 per cent after the Cabinet recommended promulgation of an ordinance to facilitate e-auction of coal blocks for private companies for captive use. Shares of JSPl surged 7.46 per cent, while Sesa Sterlite jumped 4.42 per cent and Hindalco Industries rose 1.23 per cent on the BSE. Tata Steel was up 1.26 per cent. 'Uncertainty around these stocks have got over.

So in a positive knee-jerk reaction to the Cabinet announcement these stocks rose specially JSPL,' an expert said. In a major move towards energy sector reforms, the Cabinet recommended promulgation of an Ordinance to facilitate e-auction of coal blocks for private firms for captive use and allot mines directly to state and central PSUs.
PTI

PTI

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