Shares of metal and power companies are trading higher by up to 2.5% on the BSE after the government on Monday said it would promulgate an ordinance to resolve issues arising out of the cancellation of coal blocks.
Aditya Birla Group company Hindalco is set to pay a Rs 500- crore fine after the Supreme Court cancelled the coal blocks, Talabira I and Mahan, allotted to the company and levied a Rs 295 a tonne penalty on all coal blocks in production till now.
The government is likely to cancel the approvals granted to nine companies, including Hindalco Industries, Essar and Adani, for setting up special economic zones (SEZs) later this month, because no work has been done to execute the projects.
Bauxite mining by Aditya Birla owned Hindalco Industries has came to a grinding halt in the Mali Parbat area near Semiliguda in south Odisha's Koraput district with the district administration imposing prohibitory orders under Section 144 of CrPC.
Metal stocks lost ground on Monday with the S&P BSE Metal index losing over 3% in intra-day deals after the Supreme Court (SC) held that guidelines were breached in coal block allocation during the previous government’s (United Progressive
The Central Bureau of Investigation (CBI) said on Monday it would close a coal scam case against billionaire Kumar Mangalam Birla and a former top bureaucrat that surfaced in 2012 after a government auditor's report.
Aditya Birla Group company Hindalco on Thursday announced a 37 per cent rise in revenue for the quarter ended June at Rs 7,996 crore, compared with Rs 5,838 crore in the corresponding period last year.
Metal stocks gained ground on Thursday with the S&P BSE Metal index rallying nearly 2.5 per cent and outperforming the benchmark indices - the S&P BSE Sensex and the CNX Nifty - that ended flat after remaining range-bound for most part of the day.