Financial round of auction saw relative strength in term of bids received for the coal blocks on a day which belonged to the mining industries.
The four blocks offered for sale were procured at an average gain of 5.31% over the floor price, wherein the pick of the lot was Brahmadiha which received highest final price offer of 41.75%, as per auction participants.
After missing out on Marki Mangli block on Day 1, Andhra Pradesh Mineral Development (APMDC) managed to outbid rest of the other five participants. Interestingly, the block has limited coal reserve, but possess superior grade of coking coal in it.
In contrast, the two blocks- Bandha and Dhirauli, which contain large geological reserve in excess of 400 mn t, were procured with relative ease in the financial bid round. These were bagged by Essel Mining (EMIL) and Stratatech Mineral Resources respectively.
A rally was seen towards the end for Saharpur West block, which was eventually won by Sarda Energy & Minerals at a closing bid of 26%, marked 13.5% higher than the floor price.
Day 3 of the financial bidding round will again feature four blocks including Gare Palma IV/1 block which has been under the radar of JSPL and Gotitoria blocks which have fetched joint most number of bids in the technical round.
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