Adani Power gains after winning Jitpur coal mine

Adani Power rose 1.68% to Rs 57.50 at 10:30 on after the company won the Jitpur coal mine in by submitting a closing bid of Rs 302 per tonne.

The results of ongoing e-Auction for Schedule III coal mines was announced by the Ministry of Coal on 4 March 2015.

Meanwhile, the BSE Sensex was up 59.29 points, or 0.2%, to 29,440.02.

On BSE, so far 7.08 lakh shares were traded in the counter, compared with an average volume of 11.43 lakh shares in the past one quarter.

The stock hit a high of Rs 58.55 and a low of Rs 56.65 so far during the day. The stock hit a 52-week high of Rs 68.50 on 26 May 2014. The stock hit a 52-week low of Rs 34.80 on 4 March 2014.

The stock had outperformed the market over the past one month till 4 March 2015, rising 13.33% compared with 1.72% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 26.79% as against Sensex’s 2.86% rise.

The large-cap power company has an equity capital of Rs 2871.92 crore. Face value per share is Rs 10.

Adani Power won the Jitpur coal block in Jharkhand by submitting a closing bid of Rs 302 per tonne, according to the results of e-Auction for Schedule III coal mines announced by the Ministry of Coal on 4 March 2015. Initially reverse and later forward method of e-auction was used for the said coal mine. Jitpur coal block has end use in producing power.

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