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    How Cabinet decisions moved shares of Coal India, MMTC, OMDC

    Synopsis

    MMTC held 49.78 per cent stake in Neelanchal as of March 31, 2018.

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    NEW DELHI: Shares of MMTC and Orissa Mineral Development (OMDC) advanced up to 10 per cent in Wednesday’s afternoon trade after the government approved stake sale in Neelanchal Ispat Nigam.

    MMTC held 49.78 per cent stake in Neelanchal as of March 31, 2018. Other shareholders including, NMDC, OMDC, BHEL had 0.86-12.87 per cent stake in the company.

    MMTC zoomed 10.58 per cent to Rs 20.90 at around 2.30 pm (IST), while OMDC was up 0.10 per cent at Rs 1,285 at around the same time. On the other hand, benchmark BSE Sensex was down 155 points, or 0.38 per cent, at 40,713.

    NMDC and BHEL were down 4.45 per cent and 0.58 per cent at Rs 122.35 and Rs 43.15, respectively.

    In another development, Coal India declined over 3 per cent after the government approved ordinance to remove end use restriction on private coal mining. The scrip was down by Rs 6.25 at Rs 199.15.

    There are expectations that the government may auction coal mines in March. The government also approves change in law to boost foreign direct investment in coal mining.

    The Cabinet also approves promulgation of Mineral Laws (Amendment) Ordinance, 2020.

    “The Cabinet has approved promulgation of Mineral Laws (Amendment) Ordinance 2020," the Coal Minister Pralhad Joshi said, addressing media after the Cabinet meeting. The ordinance will ease rules for auctioning coal mines to open up to all sectors and will allow auction of 46 iron ore and other mines before March 31, 2020.



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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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