JP Power Surges 12% After Coal Mine Win

Shares in Jaiprakash Power Ventures (JP Power) jumped as much as 12 per cent to an intraday high of Rs 12.30 on Wednesday after it bagged the Amelia North coal mine in Madhya Pradesh in the ongoing auction.

Amelia North coal mine is closer to JP Power's 1.3 GW Nigri power project. The mine has extractable reserves of 70.28 million tonnes (MT).

JP Power emerged as the highest bidder by quoting Rs 712 per tonne. The coal mine also attracted bids from Adani Power, Balco and Essar Power, among others.

Analysts say the coal mine win by JP Power gives clarity on supply to its Nigri project.

Shares in JP Power ended 4.55 per cent higher at Rs 11.50 apiece, outperforming the broader Nifty, which closed 0.68 per cent higher.