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Shares of Sesa Sterlite gained over 3% to Rs 205 on the BSE after iron ore prices bounced back.
Chinese iron ore futures rebounded on Tuesday and were on course for their second-biggest daily gain this year, with traders saying some steel mills had made a surprising return to the market, sensing that ore prices might be near the bottom.
Benchmark 62 percent grade iron ore for immediate delivery to China fell 0.7 percent to $61.30 a tonne on Monday, its 11th straight drop, according to data compiled by the Steel Index. But on Tuesday the most active iron ore futures for May delivery on the Dalian Commodity Exchange were up 1.5 percent at 480 yuan ($77) after touching 482 yuan, the highest since Jan. 23.
Regulatory hurdles (for Sesa Sterlite) relating to restarting iron ore mining appear to be reducing, says Morgan Stanley.
The stock opened at Rs 200 touched a high of Rs 206 on the BSE. By 12PM a total of 313,267 shares changed hands on the BSE.
