Hindalco Industries has moved higher by over 3% at Rs 115 on the Bombay Stock Exchange after Essar Power, a subsidiary of the LSE-listed Essar Energy, said that its Mahan coal block in Madhya Pradesh has received stage one clearance from the Ministry of Environment and Forests (MoEF).
“The company said, clearance of the Mahan coal block will help expedite supply of fuel to Essar Energy’s 1,200 MW Mahan phase-I power project due to be commissioned shortly, “ Business Line report suggests.
Mahan Coal is a joint venture between Essar Energy and Hindalco Industries.
The stock opened at Rs 110 and has seen a combined 4.92 million shares have changed hands on the counter so far on the BSE and NSE.
