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A muted buzz that Raipur Alloys has been allotted coal blocks at Raigarh got drowned in the present meltdown.

Smart investors are understood to be picking up the stock in the expectation that land acquisition may be over in the next 12 months. The Chhattisgarh Government appears to have initiated moves to clear the legal formalities for an early acquisition of the identified land, according to sources close to the management.

The stock held ground in the last seven tumultuous sessions, losing only 7.66 per cent at Thursday's closing price of Rs 142.85.

Jayanta Mallick

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