GVK Power gains on buzz of deal with Hancock

The shares of GVK Power & Infrastructure surged over 4%, hitting the monthly high of Rs30.55, on reports that the company is in talks to buy two Australian coal mines owned by Hancock Prospecting in a deal worth $8.4 billion. Up till now, over 19.72 lakh shares have traded on the BSE as against the two-week average volume of 14.45 lakh shares.GVK and Hancock had entered into an exclusive arrangement for negotiations that would continue till the middle of next month. To organise the initial funds, GVK has approached some foreign and Indian banks.