NMDC surges 6% on expansion plans

MUMBAI: State-run mining firm NMDC rose more than 6 percent after it said on Tuesday it would invest Rs 1000 crore in West Bengal for mining coal project in Birbhum district in West Bengal.

The initial investment would go mainly towards land acquisition and purchase of heavy earth moving machinery. NMDC already had two coal blocks in Madhya Pradesh. The Birbhum block was yet to be allotted. This mine would need technology and NMDC might rope in a foreign partner if it wanted.

At 10:45 am, NMDC shares climbed 3.52 per cent to Rs 154.55 after rising to a high of Rs 160.15 in early trade.