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Last Updated : Nov 04, 2019 03:33 PM IST | Source: Moneycontrol.com

JSPL gains 14% on highest bid for Gare Palma coal mine

The company submitted bid against the reserve price at Rs 150/tonne.

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Shares of Jindal Steel & Power (JSPL) rose 14 percent intraday on November 4 after the company had emerged as a highest bidder for the coal mine.

The company's bid was the highest for Gare Palma IV/1 Coal mines at Rs 230 per tonne, quoting Source, reported CNBC-TV18.

The company submitted a bid against the reserve price at Rs 150/tonne.

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"Gare Palma IV/1 is a workable deal for us and will use the coal at Raigarh & CPP unit," said VR Sharma, MD of JSPL to CNBC-TV18. "We were buying coal via linkage and local buying and use of coal from Gare Palma IV/1 coal block will help improve the margins."

At 15:18 hrs, Jindal Steel & Power was quoting at Rs 139.70, up Rs 16.40, or 13.30 percent, on the BSE.

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First Published on Nov 4, 2019 03:33 pm
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