Monnet Ispat surges over 16% on coal block win

MUMBAI: Shares of Monnet Ispat surged as much as 16 per cent in intraday trade as it bagged one coal block in Chhattisgarh on the last day of the auction, bringing down the curtains on the first phase of coal auctions that will fetch the states over Rs one lakh crore.

The stock closed the day at Rs 60.80; up 8.47 per cent, on the BSE.

"Monnet Ispat, highest bidder at Rs 2,619 (per tonne) for Gare Palma IV/7 (coal mine)," Coal Secretary Anil Swarup tweeted.

Gare Palma IV-7 mine in Chhattisgarh, earmarked for the non-power sector, was the most sought after one in the current lot put on auction in the first tranche. The mine has extractable reserves of 52.98 million tonnes (MT).

It was earlier alloted to Raipur Alloys & Steel Ltd.