Coal news and updates

JSPL Gains as Delhi High Court Gives Partial Relief

Shares in Jindal Steel & Power (JSPL) gained as much as 4 per cent in the morning trade to Rs 160.05 after the Delhi High Court gave partial relief to the company by restraining the government to allocate the Tara coal block to Coal India.

JSPL had approached the Delhi High Court yesterday challenging government's decision to reject its bids for Tara coal block and Gare Palma IV/2&3.

Yesterday the government had allotted Gare Palma IV/2&3 and Tara coal block to Coal India despite JSPL emerging as the top bidder.

The government rejected JSPL's bids in the recently-concluded coal block auction due to low bids made by the company.

As of 9.27 a.m. shares in JSPL traded 3.01 per cent higher at Rs 159.05 apiece, to be the top gainer among Nifty stocks.

source: http://profit.ndtv.com