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Shares of Monnet Ispat and Energy (MIEL) has rallied 10% to Rs 72.35 on BSE on back of heavy volumes on media reports that the company is looking to sell some stake in its power generation subsidiary to fuel expansion plans and future growth.
The stock opened at Rs 68.50 and touched a high of Rs 74.60 on BSE. The trading volumes on the counter more than doubled with a combined 2.6 million shares changed hands till 1001 hours on BSE and NSE.
MIEL, which holds 87.5% stake in Monnet Power, is currently engaged in preliminary discussions with five-six power utilities, including a foreign firm, for strategic part-stake sale, the PTI report suggests quoting company’s Chairman and Managing Director Sandeep Jajodia.
Meanwhile, in past five trading sessions, the stock surged 19% from Rs 60.75 on March 2, 2015 after the company bagged one coal block in Chhattisgarh.
“The company participated in e-auction of Coal blocks conducted by the Nominated Authority of the Ministry of Coal, Government of India. The Nominated Authority has declared that Monnet Ispat & Energy Limited, the successful bidder of Gare Palma IV/7 Coal Block with auction price of Rs 2,619 per MT”, MIEL said in a regulatory filing.
The stock opened at Rs 68.50 and touched a high of Rs 74.60 on BSE. The trading volumes on the counter more than doubled with a combined 2.6 million shares changed hands till 1001 hours on BSE and NSE.
MIEL, which holds 87.5% stake in Monnet Power, is currently engaged in preliminary discussions with five-six power utilities, including a foreign firm, for strategic part-stake sale, the PTI report suggests quoting company’s Chairman and Managing Director Sandeep Jajodia.
Meanwhile, in past five trading sessions, the stock surged 19% from Rs 60.75 on March 2, 2015 after the company bagged one coal block in Chhattisgarh.
“The company participated in e-auction of Coal blocks conducted by the Nominated Authority of the Ministry of Coal, Government of India. The Nominated Authority has declared that Monnet Ispat & Energy Limited, the successful bidder of Gare Palma IV/7 Coal Block with auction price of Rs 2,619 per MT”, MIEL said in a regulatory filing.
