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NTPC rallies over 4 Percent, hits fresh 52-week high on coal mining plans in Jharkhand

NTPC pared some of the intraday gains but was still trading 2.6 per cent higher at INR 164.55. It hit a low of INR 162.55 and a 52-week high of INR 167.55 in trade today. At 09:45 a.m.; NTPC pared some of the intraday gains but was still trading 2.6 per cent higher at INR 164.55. It hit a low of INR 162.55 and a 52-week high of INR 167.55 in trade today.

"Production from the Chatti-Bariatu mines is expected to be around 1 million tonnes and will commence by the end of the fiscal," a company official said. NTPC has ventured into coal mining in a bid to create fuel security. The utility plans to meet about 20 per cent of its requirement of coal from its captive mines by 2017.

The company has been allotted seven coal blocks -- Chatti-Bariatu, Chatti-Bariatu (South), Pakri Barwadih, Kerandari, Brahmani, Chichiro Patsimal and Dulanga. These blocks are in the coal-rich state of Jharkhand, with the exception of Dulanga, which is in Odisha.

Brahmaputra Infrastructure Ltd, in a consortium with BLA Projects Pvt and GSCO Infrastructure, bagged the contract for developing and operating the Chatti-Bariatu mine in 2013, added the report. The NTPC board had in February 2013 approved an investment of INR 1,314 crore for mining in this block, which has a capacity to produce 7 million tonnes per annum.

Source-On Request