Hindalco shares pare early gains; down over 1% at close

MUMBAI: Paring early gains, shares of Hindalco Industries ended over 1 per cent lower today in-line with an overall weak stock market, even as the company bagged maximum number of mines in the first phase of auction.

The stock ended with a loss of 1.02 per cent at Rs 154.80 on the BSE. During the day, it had gained 3.38 per cent to Rs 161.70.

At the NSE, it settled at Rs 154.60, down 1.25 per cent from previous close.

Profit-booking pulled down the stock from its initial peak.

The stock gained in morning trade after the company bagged the maximum number of mines in the first phase of auction.

Hindalco has won three mines that includes two in Chhattisgarh and one in Jharkhand.

The second round of auction, in which the government has put on sale 21 mines, will begin from February 25.

The companies that have bagged the 19 blocks put up for auction in the first phase include Reliance Cement, GMR Chhattisgarh, Hindalco, Sunflag Iron and Steel, Jaiprakash Associates, Jaiprakash Power Ventures, OCL Iron and Steel, Bharat Aluminium, Essar Power MP, Jindal Power and UltraTech Cement.