JSPL surges as Delhi HC stops auction of two coal blocks

MUMBAI: Shares of Jindal Steel and Power surged over 6 per cent in trade following reports that Delhi High Court has stopped the the auction of two coal blocks earlier owned by the company.

The court has asked the government to reconsider Utkal B1, B2 coal blocks merger for sale. It has ordered a review of the government decision to change the end use of the two mines from steel to power, before putting it out for auction.

The government can auction the coal blocks after review.

At 03:15 p.m.; the stock was at Rs 151.35, up 6.14 per cent, on the BSE. It rallied 8.06 per cent to touch intraday high of Rs 154.10.