Metal companies firm up on Cabinet nod for amendment to mining law

Shares of metals and miners firmed up after the Cabinet today cleared an amendment in the new mining law that permits transfer of captive mines granted on discretion.

Following the clearance by the Cabinet, the government would be tabling it in Parliament soon so that such deals, which involves transfer of non auctioned mines, may go through smoothly. Click here for the full report.

Auction of non-coal mines was introduced in the new mining law. Earlier, all non-coal mines in India were handed out by state governments on discretion.

At 1:05pm, Hindalco was up 3.4%, Vedanta gained 1.1%, SAIL rose 1% while Coal India and NMDC were up  0.4% each.