dkishore
31-01-2008, 08:05 AM
Gujarat NRE Coke finds favour with investors of Oz
A batch of foreign investors led by an Australian fund were seen buying shares of Gujarat NRE Coke in good numbers. According to these investors, floods in Australia, freezing weather in China and transport bottlenecks in Indonesia will stoke a sharp rise in the price of coal in other parts of Asia.
JP Morgan recently raised its forecast for 2008 coking coal prices to $140 a tonne, a 42% jump from last year's agreed price of $98.38. Its previous estimate was $120 a tonne. It is in this light that foreign investors are accumulating shares of mining major Gujarat NRE Coke in good numbers.
Reports that Indian power companies will have to rely on privately held (non-captive mines) mines to meet their requirements (to generate thermal power) have also helped shares of Gujarat NRE to appreciate 24% over the past one week. The company ended marginally up at Rs 137 on the BSE. The scrip logged good trading volumes as about 26 lakh shares exchanged hands on Wednesday
A batch of foreign investors led by an Australian fund were seen buying shares of Gujarat NRE Coke in good numbers. According to these investors, floods in Australia, freezing weather in China and transport bottlenecks in Indonesia will stoke a sharp rise in the price of coal in other parts of Asia.
JP Morgan recently raised its forecast for 2008 coking coal prices to $140 a tonne, a 42% jump from last year's agreed price of $98.38. Its previous estimate was $120 a tonne. It is in this light that foreign investors are accumulating shares of mining major Gujarat NRE Coke in good numbers.
Reports that Indian power companies will have to rely on privately held (non-captive mines) mines to meet their requirements (to generate thermal power) have also helped shares of Gujarat NRE to appreciate 24% over the past one week. The company ended marginally up at Rs 137 on the BSE. The scrip logged good trading volumes as about 26 lakh shares exchanged hands on Wednesday