Sesa Sterlite rose 0.68% to Rs 311.55 at 15:03 IST on BSE after a report indicated that the company expects to resume production in Goa in September 2014 following a court-imposed ban of nearly two years.
Meanwhile, the BSE Sensex was down 29.70 points, or 0.11%, to 25,811.51
On BSE, so far 2.86 lakh shares were traded in the counter, compared with an average volume of 14.27 lakh shares in the past one quarter.
The stock was volatile. The stock gained as much as 1.79% at the day's high of Rs 314.95. The stock rose as much as 0.32% at the day's low of Rs 310.40. The stock hit a 52-week high of Rs 318.40 on 6 June 2014. The stock hit a 52-week low of Rs 119.45 on 31 July 2013.
The stock had outperformed the market over the past one month till 2 July 2014, rising 10.64% compared with 4.68% rise in the Sensex. The scrip had also outperformed the market in past one quarter, surging 63.57% as against Sensex's 14.59% rise.
The large-cap company has an equity capital of Rs 296.47 crore. Face value per share is Re 1.
A report indicated that Sesa Sterlite expects to resume production in Goa in September 2014 following a court-imposed ban of nearly two years. A pick up in supplies from the country's top iron ore exporting state could drag on prices of the steelmaking raw material in an amply supplied world market, the report added.
Sesa Sterlite sees its total iron ore output from India, where it operates in Goa and Karnataka, jumping to 9.29 million tonnes in the current fiscal year ending 31 March 2015 (FY 2015) from about 1.5 million in FY 2014, the report indicated. Most of the output will be exported as Indian steel makers are not keen to buy the low-grade ore from Goa, the report suggested.
It may be recalled that the Supreme Court in April had lifted the iron ore mining ban in Goa, which was aimed at curbing illegal mining, but ordered firms to renew mining leases and environmental clearances before restarting work. The court has also capped Goa's total annual output at 20 million tonne.
Sesa Sterlite's consolidated net profit jumped 445% to Rs 1621.55 crore on 7129.7% surge in net sales to Rs 20784.62 crore in Q4 March 2014 over Q4 March 2013.
Sesa Sterlite is a subsidiary of Vedanta Resources plc, a London-listed company. Sesa Sterlite is one of the world's largest diversified natural resources companies. The company's 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 has 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.
Powered by Capital Market - Live News
