Shares of mining companies like Kalyani Steels, JSW Steel and Sesa Goa were trading higher by 2-15% on the Bombay Stock Exchange after the Supreme Court lifted mining ban on category A mines in Karnataka.
According to media reports the Supreme Court has lifted ban for 18 lease holders in Karnataka and allowed conditional resumption.
“On Friday, the apex court on Friday said that the mining companies will have complied with all the statutory rules and it would not impede any kind of investigation against them. t also said that the companies will have to pay damages for causing harm to environment for indulging in illegal mining,” the report suggests.
Among the individual stock,Kalyani Steels rallied 15% to Rs 60.50 on back of over ten-fold surge in trading volumes. A combined 628,860 shares have changed hands on the counter till early noon deals. Sesa Goa was up 4% at Rs 178 and JSW Steel by 2.4% at Rs 712 on the Bombay Stock Exchange.