Jindal Steel, Hindalco surge after government's move to auction coal blocks

Mumbai: Jindal Steel and Power Ltd gains 7 per cent, while Hindalco Industries Ltd is up by 2.2 per cent. India said on Monday it would auction off coal blocks after the Supreme Court cancelled allocations in August. 

India also said winners of the coal block allocations would have to pay back previous holders of the permits for their investment with a 12 per cent return, according to local media.