Shree Cement emerged as the top bidder for the Datima coal mine block in Surajpur Tehsil, Surguja district of Chhattisgarh. Reacting to that, the company’s shares edged higher and closed higher despite the subdued market environment.

The geological reserves of the Datima coal mine block are 13.3 million tons. The Ministry of Coal auctioned coal blocks, Government of India, on February 27, 2023.

“Shree Cement participated in this auction to ensure fuel security by providing long-term fuel supply procurement options for its operations while also providing the flexibility to use coal for other commercial purposes,” the company said in an exchange filing.”

Shree Cement closed at Rs 25,920.95 on February 28, up Rs 154.80, or 0.6%. It touched an intraday high of Rs 26,230.70 and an intraday low of Rs 25,649.