Sesa Sterlite jumped 5.27% to Rs 202.75 at 15:09 IST on BSE on reports the Supreme Court has allowed resumption of iron ore mining in Goa with conditions.
Meanwhile, the BSE Sensex was up 159.07 points, or 0.70%, to 22,787.91.
On BSE, so far 19.58 lakh shares were traded in the counter, compared with an average volume of 6.69 lakh shares in the past one quarter.
The stock hit a high of Rs 206.95 and a low of Rs 193 so far during the day. The stock hit a 52-week high of Rs 213.05 on 21 January 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 17 April 2014, rising 12.21% compared with the Sensex's 3.76% rise. The scrip had, however, underperformed the market in past one quarter, falling 3.94% as against Sensex's 7.43% rise.
The large-cap company has an equity capital of Rs 296.47 crore. Face value per share is Rs 1.
According to reports, the Supreme Court today, 21 April 2014, lifted an 18-month old mining ban in Goa, but with riders. The iron ore mining will be restricted to 20 million tonnes annually, the Supreme Court said adding the cap would subject to a final panel report.
The top court also said the mining leases for which renewals were not sought post 2007 have expired and mining there is illegal, reports added.
The Supreme Court had banned mining in all 90 mines in Goa from October 2012, due to investigations into alleged illegal mining operations.
The Supreme Court order is significant for Sesa Sterlite, which is the largest private sector iron ore producer in India. Its iron ore business is based in Goa.
Sesa Sterlite's consolidated net profit surged 276.1% to Rs 1868.29 crore on 7802.3% spurt in total income to Rs 19912.90 crore in Q3 December 2013 over Q3 December 2012.
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.
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