Shares of Sesa Sterlite ended almost 1 per cent higher today after the company's subsidiary Bharat Aluminium Company (Balco) bagged one more coal block in the first tranche of auction.
The scrip ended the day with a gain of 0.94 per cent at Rs 219.45 on the BSE. During the day, it rose by 3.24 per cent to Rs 224.45.
At the NSE, shares of Sesa Sterlite settled 0.64 per cent higher at Rs 218.70.
"Sesa Sterlite was up as its subsidiary BALCO won Gare Palma IV/1 coal block at Rs 1,585 per tonne and the company also proposed its name change to Vedanta," said Aamir Mir, Senior Analyst, HBJ Capital.
On the volume front, 7.47 lakh shares of the company changed hands at the BSE and over 63 lakh shares were traded at the NSE during the day.
"Gare Palma IV-1 mine closed at Rs 1,585 (per tonne) and the winner is Balco," a coal ministry official had said on Saturday. Earlier, Balco had bagged Chotia mine in the same state.
The second round of auction in which the government has put on sale 21 mines will begin from February 25.
The companies that have bagged 19 blocks include Reliance Cement, GMR Chhattisgarh, Hindalco, Sunflag Iron and Steel, Jaiprakash Associates, Jaiprakash Power Ventures, OCL Iron and Steel, Bharat Aluminium, Essar Power MP, Jindal Power and UltraTech Cement.
Meanwhile, aimed at leveraging the "Vedanta" brand, metals and mining conglomerate Vedanta Resources plans to rechristen its subsidiary Sesa Sterlite Ltd as Vedanta Ltd.
