Jindal Steel, Hindalco surge after govt's move to auction coal blocks

Workers drill at an open cast coal field at Dhanbad district in Jharkhand September 18, 2012.

INDIA - Jindal Steel and Power Ltd (JNSP.NS) gains 7 per cent, while Hindalco Industries Ltd (HALC.NS) is up 2.2 per cent.

India said on Monday it would auction off coal blocks after the Supreme Court cancelled allocations in August.

India also said winners of the coal block allocations would have to pay back previous holders of the permits for their investment with a 12 per cent return, according to local media.