Supreme Court Deems Coal License Illegal in India

Mukesh Buch
25 Aug, 2014
New York City

Alstom T&D India secured a contract worth

[R]6:00 PM Mumbai – Alstom T&D India secured a contract worth €400 million from Power Grid Corporation of India. Ashoka Buildcon won projects worth Rs 863.3 crore from Bihar Power Distribution. Jindal Steel plunged 14% after Supreme Court ruled coal block allocation since 1993 illegal.[/R]

The Sensex Index edged up 17.47 to close at 26,437.02 The CNX Nifty fell 6.90 to 7,906.30.

Gainers & Losers

Alstom T&D India Ltd climbed 5.5% to Rs 335.05 after the company secured a contract worth Rs 3,250 crore or €400 million from Power Grid Corporation of India.

Ashoka Buildcon Ltd dropped 3.1% to Rs 130.80 after the company won projects worth Rs 863.31 crore from Bihar Power Distribution Company.

Jindal Steel & Power Limited plunged 13.9% to Rs 253.15 after the Supreme Court said coal block allocation during the previous government and dating back to 1993 were illegal. The landmark decision may force the government to cancel mining permits.

KNR Constructions Limited slipped 0.7% to Rs 226 after the company acquired orders worth Rs 68.37 crore from Karnataka government.

MT Educare Ltd declined 4.4% to Rs 132.05 after the company’s board approved to raise up to Rs 50 crore via qualified institutional placement.

RPP Infra Projects Ltd fell 0.7% to Rs 78.85 after the company received a new order for about Rs 25.38 crore in Tamil Nadu Civil Supply Corporation.

Sonata Software Limited gained 1.5% to Rs 99.40 after the company’s U.S.-based subsidiary signed an agreement to acquire controlling stake in Rezopia Inc.

In a separate transaction, Sonata also plans to acquire operations of Xyka India Pvt Ltd.

United Spirits Ltd slipped 1.2% to Rs 2,382.30 after the National Stock exchange excluded the stock from the derivatives segment.