Coal news and updates

Jindal Steel and Power jumps after Tara coal block win

Shares of Jindal Steel and Power Ltd rose as much as 8.33% after the company won the Tara coal field in Chhattisgarh for a closing bid of Rs.126 per tonne on Saturday. Tara has total extractable reserve of 166.9 million tonnes and was earlier allotted to Chhattisgarh Mineral Development Corp. Earlier on 19 February, the company had won the Gare Palma IV-2 and IV-3 coal mines in an auction with the lowest bid in the auction of Rs.108 per tonne. In the ongoing round of coal auctions, which is likely to end by 13 March, 14 schedule-III category coal mines are likely to be auctioned. In the first round, 18 schedule-II coal blocks were auctioned, out of which successful bidders for just 15 blocks were listed by the government. Jindal Steel and Power closed at Rs.194.30 on BSE, up 4.77%, while India’s benchmark S&P BSE Sensex fell 2.05% to close at 28,844.78 points.

source: http://www.livemint.com