Metal stocks melt as SC terms coal allocation “illegal”

By Sunil Fernandes
Subscribe to GoodReturns
For Quick Alerts
Subscribe Now  
For Quick Alerts
For Daily Alerts
     Metal stocks melt as SC terms coal allocation “illegal”
    Hindalco Industries: Quotes, News
    BSE 242.95BSE Quote3.15 (1.30%)
    NSE 243.05NSE Quote3.15 (1.30%)
    Shares in metal companies tanked in trade as the Supreme Court termed the coal allocation since 1993 as "illegal".

    Hardest hit in trade was Jindal Steel which fell 5 per cent, while Hindalco which had dropped sharply in early part of trade recovered lost ground.

    Power stocks were also rattled with JSW Energy, Reliance Power and NHPC all dropping in trade.

    Meanwhile, PTI reported that welcoming the Supreme Court judgement on coal mines issue, government said it will request the apex court to expeditiously resolve the issues to help increase domestic availability and reduce dependence on imports.
    The government is awaiting Supreme Court to deliver its final view on how the mines "illegally" allocated between 1993 and 2010 should be treated, Coal and Power Minister Piyush Goyal told reporters.

    "The government should request the Supreme Court this way, or whatever way, decide fast...otherwise country will have to continue to import coal from abroad," a senior government functionary said.

    Read more about: mining metal stocks
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more