Hindalco jumps after clarification on coal blocks
Source: IRIS | 26 Sep, 2014, 11.49AM
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 Hindalco Industries witnessed a sharp rise in share prices on Friday after it has clarified on the Supreme Court cancelling coal block allocation. The company said that at a suggested levy of Rs 295/T on coal, the total one time impact on the company would be around Rs 5 billion.
 ''In any case we were not expecting the captive coal immediately; hence have plans to operate on purchased coal. The only incremental impact because of the cancelation of coal blocks would be on the cost of production at Hirakud smelter starting April 2015, which is not expected to be significant,'' it said.
Shares of the company are trading at Rs 153.90, up Rs 4.35, or 2.91% at the Bombay Stock Exchange (BSE) on Friday at 11:37 a.m.
The scrip has touched an intra-day high of Rs 155.50 and low of Rs 146.10. The total volume of shares traded at the BSE is 534,916.
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