Investors in shares of Hindalco Industries, Vedanta and JSPL have some big news to cheer about. The government has received good response for the second tranche of coal mining auctions. Till now, 75 tender documents have been sold. Many more bidders are in the process of buying tender documents. Zee Business’ Daanish Anand has this exclusive report. 

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Anand said that the second tranche of coal mine auctions has received a good response from the companies and the government has already received 75 bidding documents.  

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The process of bidding this time has been quite expeditious considering that the country is in the mid of a pandemic, he said. 

He said that companies were quite bullish on the Indian coal story. Out of the total mines that will be auctioned, 33 are fully explored mines, 30 are partly explore mines while 6 are coking coal mines. 

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The big news is that 75 tender documents have been sold. He said that there will be more tenders that will be sold, going forward. Anand emphasised on the response, the government has been getting in the auctioning of coal mines this time. He said that the second round is expected to be quite big.  

He said that both the industry and the government are in a win-win situation. 

In the second phase, the government intends to auction 67 mines. 

The government is expected to bring rolling-out auction mechanism.  

He said that the last date for submitting the bids is 24 June.    

Zee Business Managing Editor Anil Singhvi said that the channel will be keeping a close eye on these developments. 

At 1 pm, Hindalco Industries shares were trading down at Rs 380.50, falling by almost 2.6 per cent on the NSE. Meanwhile, JSPL shares were trading at Rs 408.75 on the NSE around this time, down by almost 3 per cent from the previous closing price on Tuesday. Vedanta shares were down by over 2 per cent and were trading at Rs 265.