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JSPL shares gain over 5% ahead of coal block auctions

Jindal Steel and Power (JSPL) shares gained over 5 per cent intraday on Tuesday, extending its rally for the third straight session, on hopes that the company is technically qualified for Bhaskarpara, Chitarpur and Jamkhani coal blocks in auction. At 10.58 am, the share price of the company was trading 5.67 per cent higher at […]

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Midcap stocks: Of late, the BSE Midcap index surged 4 per cent in April 2016 against 4.54 per cent gain by Sensex in the same month.(Photo: Reuters)

Jindal Steel and Power (JSPL) shares gained over 5 per cent intraday on Tuesday, extending its rally for the third straight session, on hopes that the company is technically qualified for Bhaskarpara, Chitarpur and Jamkhani coal blocks in auction.

At 10.58 am, the share price of the company was trading 5.67 per cent higher at Rs 86.70. It opened at Rs 82.45 and has touched a high and low of Rs 87.40 and 82.40, repsectively, in trade so far. Meanwhile, the BSE Sensex was trading 26.60 points down at 28,075.

The share price of the company jumped 4.59 per cent in the previous two trading session.

The third round of coal auctions will see bidding for five coal blocks between August 11-13. The third tranche follows the government garnering over Rs 2 lakh crore in the first two phases of mines auction earlier this year.

Shares of JSPL closed 0.61 per cent lower at Rs 81.55 on the BSE.

(With inputs from Reuters)

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