Monnet Ispat shares gain over 8 pc as arm bags coal block

Mumbai: Shares of Monnet Ispat & Energy surged over 8 per cent today after its subsidiary bagged the Utkal C mine in Odisha in the second phase of coal block auctions.

The scrip ended at Rs 71.25, up 8.61 per cent on the BSE.

During the day, it jumped 13.71 per cent to Rs 74.60

At the NSE, the stock climbed 7.86 per cent to end the day at Rs 70.70.

On the volume front, 9.73 lakh shares of the company changed hands at the BSE and over 37 lakh shares were traded at the NSE during the day.

Monnet Power Company bagged the Utkal C mine in Odisha yesterday – 5th day of the second phase of coal block auctions – for an estimated Rs 9,537.22 crore.

The Utkal C was bagged by Monnet Power Company Ltd with a closing bid of Rs 770 a tonne.

Utkal C has an extractable reserve of 123.86 million tonnes (MT).

Besides, Monnet Ispat and Energy (MIEL) is looking to sell some stake in its power generation subsidiary to fuel expansion plans and future growth, company’s Chairman and Managing Director Sandeep Jajodia had said.

MIEL, which holds 87.5 per cent stake in Monnet Power, is currently engaged in preliminary discussions with five-six power utilities, including a foreign firm, for strategic part-stake sale.