IVCL, the conglomerate of companies that’s supposed to hunt for overseas coal, may be headed for a split. Mint has learnt utility giant NTPC is looking to leave the venture. Company officials say NTPC cannot wait several years to receive coal from a mine it has invested in. They also say other partners are interested in metallurgical coal unlike NTPC, which needs thermal coal for its power plants. ICVL was set up by NTPC along with steel and mineral firms like SAIL and Coal India. It holds a 14% stake in ICVL. Any exit from the venture will require approval from the union cabinet.
Indian markets surged on Tuesday after the rupees fell to a two-year low. The Sensex rocketed up 353.93 points to 17,099. And the Nifty jumped 108.25 to 5,140.20
Not surprisingly, export-oriented IT firm led the gains after the weakening of the rupee. TCS jumped 3.94% on the BSE to a 1,058. And Infosys rose 3.22% to 2,437. Wipro made a smaller gain of 2.74% to Rs 350.90.