Vedanta shares rallied as much as 6.48 per cent in the morning trade on Friday on reports that the Goa Investment Promotion Board (GIPB) granted in-principle approval to various proposals by the company for expansion of existing capacities at its pig iron plant.
At 11.39 am, Vedanta were trading 5.92 per cent up at Rs 66.20. The scrip opened at Rs 64.70 and had touched a high and low of Rs 66.55 and Rs 63.20, respectively, in trade so far.
Later, the scrip closed 3.60 per cent up at Rs 64.75.
The company had put up a proposal for enhancement of its pig iron, coke, sinter and power plant at Navelim village, about 30 km from Panaji, a senior GIPB member told PTI.
The company has sought expansion of its pig iron capacity by 0.45 MTPA from existing 0.74 TPA.
In the past one year, the share price of Vedanta fell 68 per cent to Rs 62.50 on January 21. The scrip was trading at Rs 199.40 on the same day last year.
The benchmark index BSE Sensex plunged 17.05 per cent during the same period.
(With inputs from PTI)