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Sensex gains for 3rd straight week Reliance, miners slide

Saturday 9th Jul 2011 139

Mumbai : The Sensex ended higher for the third week in a row, but slipped more than one per cent in choppy trade on Friday, dragged by losses in miners, Reliance Industries and financials and some profit booking.

Coal India, the world’s largest coal miner, plunged eight per cent, after a government source said a panel of ministers had approved a new bill calling for coal miners to share up to 26 per cent of their profits with local communities.

Shares in steelmakers Jindal Steel & Power and Tata Steel fell 1.91 per cent and 1.94 per cent, respectively on the draft bill, while metal makers Sterlite Industries and Hindalco shed more than three per cent each. These firms operate captive coal mines. Iron ore exporter Sesa Goa tumbled 4.4 per cent.

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