BackHindalco gains 4.3% after Manmohan Singh’s coal block comments
Shares gain after Singh's office says he is satisfied with the outcome of coal block allocation process to certain firms
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Mumbai: Shares in Hindalco Industries Ltd gained as much as 4.3% after Prime Minister Manmohan Singh’s office says he is satisfied with the outcome of the process of allocating coal blocks to certain companies, dealers say.
The comments were the first attributed to Singh since a case was filed this week against three companies in the coal block allocation scam dubbed “Coalgate". The scandal surfaced after the Comptroller and Auditor General of India (CAG) report last year questioned the government’s practice of awarding coal mining concessions to companies without competitive bidding.
Hindalco said last week it was being investigated in a coal block allocation case and it followed every process required in the coal block allocation.
Shares of Hindalco were trading 3.84% higher at 119.10 at 11:17am, while the benchmark Sensex was trading flat at 20,881.88.
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