Coal India, RPower, NTPC gain following SC coal block ruling
Source: IRIS | 24 Sep, 2014, 03.38PM
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Shares of Coal India, Reliance Power and NTPC gained on Wednesday after the Supreme Court ruling on coal blocks allocation. The apex court has cancelled 214 coal blocks, which were declared illegal by it in a previous judgement. The SC has exempted 4 coal blocks allocated to SAIL, NTPC and two UMPPs from cancellation. The apex court has given 6-month period to stop the production to existing coal block operators. It has imposed penalty of Rs 295 per tone on production of coal. The Supreme Court has asked the government to make appropriate arranagements for reallocation of coal blocks within 6 months. After March 2015, the government can auction the aforesaid coal blocks, the court said. Shares of Coal India climbed 5.02% followed by Reliance Power (5.37%) and NTPC (0.91%).
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