 "Metal stocks dip ahead of SC verdict on coal blocks")
Metal stocks such as Hindalco, Sesa Sterlite, National Mineral Development Corporation, JSW Steel, Bhushan Steel and Jindal Steel are down between 0.5-5% on the BSE ahead of the Supreme Court's decision on coal block allocations later today.
Earlier, the Centre had requested the Supreme Court not to cancel the permits for 46 coal blocks that were functioning or were about to start production.
Hindalco is witnessing pressure with regard to the Mahan Coal block allocated to Hindalco eight years ago to feed its aluminium plant in Madhya Pradesh.
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With regards to Jindal Steel and Power it is the Utkal B1 block. JSPL needs access to coal from Utkal B1 mine for its steel and power project at Angul in Odisha.
Meanwhile, BSE Metal index is quoting at 1,1679 down 25 points or 0.3%