Sesa Sterlite declined 1.76% to Rs 245.85 at 13:55 IST on BSE on reports Supreme Court ruled that unsold iron ore mined before 2007 in Goa belongs to the State.
Meanwhile, the BSE Sensex was down 18.74 points, or 0.07%, to 26,365.33.
On BSE, so far 22.23 lakh shares were traded in the counter, compared with an average volume of 5.52 lakh shares in the past one quarter.
The stock hit a high of Rs 252.55 a low of Rs 219.25 so far during the day. The stock dropped as much as 10.81% at the day's low of Rs 219.25 so far during the day. The stock rose as much as 2.72% the day's high of Rs 252.55 so far during the day.The stock hit a 52-week high of Rs 318.40 on 6 June 2014. The stock hit a 52-week low of Rs 169.55 on 14 March 2014.
The stock had underperformed the market over the past one month till 13 October 2014, falling 13.86% compared with Sensex's 2.5% decline. The scrip had also underperformed the market in past one quarter, declining 14.78% as against Sensex's 5.43% rise.
The large-cap company has an equity capital of Rs 296.47 crore. Face value per share is Re 1.
Also Read
As per report, unsold pre-2007 mined iron ore lying in Goa belongs to State as per Supreme Court's ruling. The court has ordered pre-2007 iron ore to be auctioned by a monitoring panel, report added. The apex court had held post 2007 iron ore mining in Goa as illegal.
The Supreme Court vide its order dated 21 April 2014 had lifted the ban on mining in the State of Goa, subject to certain conditions. The Supreme Court has imposed an interim restriction on the maximum annual excavation from the mining leases in the state of Goa of 20 million tonnes subject to determination of final capacity by Expert Committee appointed by the Supreme Court.
The Supreme Court had banned mining in all 90 mines in Goa from October 2012, due to investigations into alleged illegal mining operations.
Sesa Sterlite's consolidated net profit dropped 9.35% to Rs 375.56 crore on 4706.58% growth in total income to Rs 18466.88 crore in Q1 June 2014 over Q1 June 2013.
The Sesa Sterlite merger and the Vedanta Group consolidation was completed in August 2013.
Sesa Sterlite is one of the world's largest diversified natural resources companies. Its business primarily involves exploring, extracting and processing minerals and oil & gas. The company produces oil & gas, zinc, lead, silver, copper, iron ore, aluminium and commercial power and have a presence across India, South Africa, Namibia, Ireland, Australia, Liberia and Sri Lanka. Sesa Sterlite has a strong position in emerging markets with over 80% of its revenues from India, China, East Asia, Africa and the Middle East. Sesa Sterlite is a subsidiary of Vedanta Resources plc, a London-listed company.
Powered by Capital Market - Live News