Jaiprakash Power gains on coal mine forest clearance

Last Updated: Tue, Dec 04, 2012 06:03 hrs

Shares in Jaiprakash Power Ventures gain 7 percent after its parent company, Jaiprakash Associates, said in a statement the Amelia North coal mine has received the final Stage II forest clearance for diversion of 728.75 hectares of forest land for coal mining.

"Mine clearance has certainly been one of the important catalysts for JPVL's stock performance and removes a difficult overhang," Deutsche Bank says in a report.

The investment bank adds the coal from Amelia in Madhya Pradesh state is scheduled to be used for the company's 1,320 MW Nigrie thermal power project, which is expected to be commissioned by March 2014.

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