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JSPL’s Jindal Power, AV Birla’s Hindalco bag coal blocks

JSPL’s Jindal Power, AV Birla’s Hindalco bag coal blocks
Coal Secretary Anil Swarup tweeted, “Gare Palma 4/2&3 goes at 108”. Sources said it has been won by Jindal Power.

A senior Coal Ministry official said: “Gare Palma IV/5 mine was won by Hindaco Industries at Rs 3,502 per tonne today. The mine was put on offer yesterday and the bidding for the block lasted for over 12 hours.”

The companies which were vying for Gare Palma IV/2 and IV/3 mines included Adani Power Maharashtra, D B Power, GMR Chhattisgarh Energy Ltd, Jindal Power Ltd, Jindal India Thermal Power Ltd, JSW Energy Ltd, KSK Mahanadi Power Company Ltd, Reliance Geothermal Power Pvt Ltd and
Sesa Sterlite. The companies in the race for Gare Palma IV/5 mine included Ambuja Cements, BALCO, Hindalco and Monnet Ispat & Energy Ltd. The bidding for Bicharpur mine is still underway.

The companies in the race for the block includes ACC Ltd, Hindalco Industries, Hindustan Zinc, Jaypee Cement Corp, Monnet Ispat & Energy, OCL India Ltd Ltd and UltraTech Cement Ltd. States, including Chhattisgarh, Jharkhand and West Bengal, are set to get over Rs 50,000 crore from the coal blocks sold in the ongoing auction, sources said.

The total number of blocks sold so far is 15. The government is auctioning the coal blocks after the Supreme Court cancelled allocation of 204 mines in September last year. It has put 19 mines on block in the first tranche. GMR Chhattisgarh Energy, Reliance Cement, Sunflag Iron and Steel, Jaiprakash Associates and BALCO are among the companies that have bagged coal mines so far in the auction.

Gare Palma IV-5 mine has estimated extractable reserves of 42.43 MT, while Gare Palma IV 2&3 together have extractable coal reserves of 155.49 MT. The government has put on offer 19 coal blocks in first lot. The last day for the auction of mines in the first tranche is February 22.

Meanwhile, Shares of Jindal Steel and Power Ltd zoomed nearly 29 per cent on Thursday, adding Rs 3,642 crore to its market valuation, after its unit Jindal Power bagged two coal mines in Chhattisgarh for an estimated Rs 1,679 crore.

JSPL’s scrip skyrocketed 25.59 per cent to end the day at Rs 195.30 on the BSE — its sharpest gain since October 31, 2007. During the day, it surged 29.13 per cent to Rs 200.80. On the NSE, it soared 28.61 per cent to settle at Rs 199.80. The stock was the biggest gainer across the board on the BSE as well as the NSE.

Led by the sharp rally in the stock, the company’s market value rose by Rs 3,642.07 crore to
Rs 17,868.07 crore.

On the volume front, 108.10 lakh shares of the company changed hands on the BSE and over 6 crore shares were traded on the NSE during the day.
PTI

PTI

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