Hindalco Jumps 3%; Bags Highest Number of Coal Blocks

Shares of Hindalco Industries surged over three per cent to hit intraday high of Rs 161.8 on Monday. The company bagged maximum number of coal blocks in the first phase of coal auction.

Hindalco Industries won three coal blocks, two in Chhattisgarh and one in Jharkhand in the first phase of coal auction, which concluded on Sunday.

On Saturday Hindalco bagged the Gare Palma IV/4 coal block by bidding Rs 3,001 per tonne. On February 19, it had bagged the Gare IV/5 mine in Chhattisgarh and on February 15 it won the Kathautia mine in Jharkhand.

The Gare Palma IV/4 mine has extractable reserves of 12.30 million tonnes (MT) and the Gare Palma IV-5 mine has estimated extractable reserves of 42.43 MT.

Shares in Hindalco Industries closed 1.25 per cent lower at Rs 154.6 apiece on Monday.