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Hindalco gained 3% on forest clearance for Mahan coal block
Edited by : AL CIRCLE
1 min read
Aluminium major Hindalco Industries gained 2.8 percent to Rs 114 after the company has secured stage 1 forest clearance for Mahan coal block, which was allocated in 2006.
Mahan Coal is a joint venture between Essar Energy and Hindalco Industries.
Motilal Oswal feels it is positive for the stock. "Mahan coal block will supply to the 900MW captive power plant for 359ktpa Mahan aluminium smelter. This would turn the smelter from being unviable to viable. However, development of the block will still take 1-2 years and more approvals," Motilal Oswal says.
The stock dropped over 7 percent in last one month and more than 16 percent in one year.
Market capitalisation of the company currently stands at Rs 21,783.86 crore.
Mahan Coal is a joint venture between Essar Energy and Hindalco Industries.
Motilal Oswal feels it is positive for the stock. "Mahan coal block will supply to the 900MW captive power plant for 359ktpa Mahan aluminium smelter. This would turn the smelter from being unviable to viable. However, development of the block will still take 1-2 years and more approvals," Motilal Oswal says.
The stock dropped over 7 percent in last one month and more than 16 percent in one year.
Market capitalisation of the company currently stands at Rs 21,783.86 crore.
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