Sensex 29278.84 272.82 0.94%
Nifty 8835.6 74.2 0.85%
Monnet Ispat and Energy Ltd is planning to acquire majority stake in a 25-million tonne (mt) coal mine in Colombia, according to reports.
Reports stated that this move comes on the heels of the scrapping of Jindal Steel and Powers $2.1-bn contract to develop the El Mutun iron ore deposit in another South American country, Bolivia.
Monnet had acquired Indonesian coal company PT Sarwa Sembada Karya Bumi in Sumatra for $24 million through its wholly-owned subsidiary, Monnet Global Ltd, in 2010-11, reports said.
India Infoline News Service / 09:04, Jan 22, 2015
The outlook is a flat start. The market will look to scale to new peaks though not much effort is needed for the same. HUL saw a rally and short-covering may have pulled it up further. Speculation is on that its parent will raise stake through an open offer. After the cooling in oil prices, Cairn results will be in focus.