Sesa Goa fell 1.03% to Rs 144.50 at 14:21 IST on BSE after the company said iron ore operations continue to be affected by suspension of mining in Goa and Karnataka.
The production figures were announced during market hours today, 10 April 2013.
Meanwhile, the BSE Sensex was up 129.43 points, or 0.71%, to 18,355.91.
On BSE, 1.69 lakh shares were traded in the counter as against an average daily volume of 2.26 lakh shares in the past one quarter.
The stock hit a 52-week low of Rs 143.05 in intraday trade today, 10 April 2013. The stock hit a high of Rs 147.80 so far during the day. The stock had hit a 52-week high of Rs 207.90 on 4 July 2012.
The stock had underperformed the market over the past one month till 9 April 2013, declining 12.63% compared with the Sensex's 7.4% fall. The scrip had also underperformed the market in past one quarter, sliding 26% as against Sensex's 7.32% fall.
The large-cap iron ore exporter has an equity capital of Rs 86.91 crore. Face value per share is Re 1.
Sesa Goa during trading hours today, 10 April 2013, announced its unaudited consolidated production release for the fourth quarter (Q4) and full year ended (FY 2013) 31 March 2013. The company said iron ore operations continue to be affected by suspension of mining in Goa and Karnataka. At Karnataka, the matter for reopening of Category A and B mines has been heard by the Honourable Supreme Court, and the order has been reserved and is expected to be announced soon. Earlier a few Category A mines had been allowed to resume operations by the Court.
The company added that regarding the suspension of mining in Goa, the Supreme Court is expected to fix the dates for initial hearings. In the meantime, the State Government and major miners including Sesa Goa, have filed their responses to the Central Empowered Committee report. Separately, the firm has filed an application to the Court seeking a stay on the suspension of mining and restrictions on ore transportation.
In Q4 March 2013, production of pig iron and metallurgical coke were 75% and 48% higher at 104,000 tonnes and 94,000 tonnes, respectively, due to the new capacities commissioned in Q2 FY2013. At Liberia iron ore project, exploration activities are progressing well, and the company remains on track to deliver the first shipment by end FY 2014, Sesa Goa said.
Sesa Goa's consolidated net profit fell 28.2% to Rs 496.73 crore on 91.3% slide in net sales to Rs 227.54 crore in Q3 December 2012 over Q3 December 2011.
Sesa Goa said profits declined due to lower sales volume on account of suspension of mining operations in Goa and Karnataka.
Sesa Goa is India's largest producer and exporter of iron ore in the private sector with operations in the states of Goa and Karnataka in India and a large integrated project site in Liberia, West Africa. Founded in 1954, for about 6 decades, Sesa has been involved in iron ore exploration, mining, beneficiation and exports. Sesa is a part of Vedanta Resources plc, the London-listed FTSE 100 diversified metals and mining major. Sesa also manufactures pig iron and metallurgical coke, with a 0.56 mtpa metallurgical coke plant and a 0.625 mtpa pig iron plant in Goa, and an associated 60 MW power plant.
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