Shares of Hindalco on Monday gained over 4 per cent after the Prime Minister’s Office defended the decision of allocation of coal block to the company.
After making a positive opening, shares of the company further jumped 4.27 per cent to Rs. 119.60 on the BSE. On the NSE, the stock gained 4.3 per cent to Rs. 119.80.
The PMO denied any criminality in the allocation of the coal block to a joint venture, including Kumar Mangalam Birla headed Hindalco.
“The Prime Minister is satisfied that the final decision taken in this regard was entirely appropriate and based on the merits of the case placed before him,” the PMO had said in a statement on Saturday.
At close of trade, shares of Hindalco were up 3.10 per cent at Rs. 118.25 at the BSE. On the NSE, the scrip climbed 2.83 per cent to settle at Rs. 118.10.
In terms of volume, 13.68 lakh shares of the company changed hands on the BSE, while over one crore shares were traded on the NSE.