Sesa Sterlite rallies 5% as SC allows iron ore mining in Goa

Written by PTI | Mumbai | Updated: Apr 22 2014, 00:41am hrs
Shares of Sesa Sterlite today surged nearly 5 per cent after the Supreme Court allowed iron ore mining in Goa.

Sesa Sterlite's stock ended 4.78 per cent higher at Rs 201.80 on the BSE. During the day, the scrip rose by 7.45 per cent to Rs 206.95.

At the NSE, the stock gained 3.66 per cent to close the day at Rs 199.75.

The scrip was the best performer among the 30-Sensex constituents.

On the volume front, 23.18 lakh shares of the company changed hands at the BSE, while over 1 crore shares were traded at the NSE during the day.

The court allowed an annual cap of 20 million tonnes of iron ore to be extracted in Goa where mining was banned for nearly one-and-a-half years.

A bench comprising justices A K Patnaik, S S Nijjar and F M I Kalifulla said expert panel will give final recommendation on annual cap on excavation of iron ore within six months.

It also said there will be no grant of lease for mining around one km of national parks and wild life sanctuaries.