Monnet Ispat bags Utkal-C coal block; stock rallies over 13%

MUMBAI: Shares of Monnet Ispat surged as much as 13.37 in trade after the company bagged Utkal-C coal block in Odisha following aggressive bidding.

The company was the highest bidder at Rs 770 per tonne. Other bidders for the block included Adani Power, DB Power, Essar Power, GMR, JSPL, Lanco, Monnet Power and Sesa Sterlite.

Monnet Ispat’s power plant in Angul is located 10 kms from the mine.

The stock closed at Rs 71.25, up 8.61 per cent or Rs 5.65 on the BSE.