Also read: Hindalco has done no wrong; nothing to worry about: Birla
The PMO, while making it clear that Singh was the 'competent authority' who cleared the proposal mooted by the Coal Ministry in 2005, underlined that the allocation to a joint venture, including Hindalco , was not done at the cost of PSU Neyveli Lignite Corporation .
It released details of the sequence of events leading to Singh's approval on October 1,2005 and said "the Prime Minister is satisfied that the final decision taken in this regard was entirely appropriate and based on the merits of the case placed before him".
While defending the decision, the PMO referred to Singh's statements earlier that the government has nothing to hide and it will fully cooperate with CBI which is probing the case.
The allocation of Talabira coal block in Odisha is in the eye of a storm with CBI booking Aditya Birla Group Chairman Kumar Mangalam Birla and former Coal Secretary P C Parakh.
Parakh has said if he was accused of conspiracy, then the Prime Minister also should be made an accused as he had approved the revised decision.
The PMO acknowledged that the final decision on the allocation "differed" from the earlier recommendation of the Screening Committee. "This was done following a representation received in the Prime Minister's Office from one of the parties, which was referred to the Ministry of Coal," the PMO said in a statement.
The PMO said CBI is free to investigate the case as it may have got hold of some documents post-allocation.
On October 18, 2013, Hindalco Industries closed at Rs 114.70, up Rs 3.50, or 3.15 percent. The 52-week high of the share was Rs 137.00 and the 52-week low was Rs 83.05.
The company's trailing 12-month (TTM) EPS was at Rs 8.47 per share as per the quarter ended June 2013. The stock's price-to-earnings (P/E) ratio was 13.54. The latest book value of the company is Rs 161.96 per share. At current value, the price-to-book value of the company was 0.71.
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