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Sesa Goa slips on buzz mining ban in Goa continues

Capital Market  |  Mumbai 

Meanwhile, the Sensex was down 22.35 points, or 0.12%, to 19,401.75.

On BSE, 1.36 lakh shares were traded in the counter as against an average daily volume of 2.99 lakh shares in the past one quarter.

The stock hit a high of Rs 184.55 and a low of Rs 181.05 so far during the day. The stock had hit a 52-week high of Rs 270 on 17 February 2012. The stock had hit a 52-week low of Rs 148.70 on 20 December 2011.

The stock had outperformed the market over the past one month till 7 December 2012, rising 6.84% compared with the Sensex's 2.76% rise. The scrip had also outperformed the market in past one quarter, rising 12.70% as against Sensex's 9.84% rise.

The large-cap company has an equity capital of Rs 86.91 crore.

Face value per share is Re 1.

According to reports, a panel appointed by Supreme Court on Friday, 7 December 2012, recommended scrapping 42 iron ore mining leases in Goa until mining companies submit plans to deal with the environmental impact.

In a detailed report, the panel listed a series of violations by the state government and mineral exporters from the state, and recommended cancellation of 19 leases granted by the ministry of environment and forests inside wildlife sanctuaries and another 23 mining operations located within a kilometre of national parks and sanctuaries.

The report said around 39.6 million tonnes of iron ore in excess of the total registered production had been exported from the state.

The detailed report came in response to the apex court's direction on a public-interest litigation initiated by a non-governmental organisation (NGO), Goa Foundation, seeking an inquiry into the illegal mining activities in the state and a ban on illegal mining.

In October 2012, acting on a petition filed by the NGO, the Apex Court stayed all mining operations, including transport of mined minerals (iron ore and manganese) in Goa.

The next court hearing is posted for 4 January 2013, reports suggested.

Sesa Goa's consolidated net profit excluding associate income jumped 4400.8% to Rs 57.61 crore on 63.3% decline in total income to Rs 308.63 crore in Q2 September 2012 over Q2 September 2011.

Sesa Goa's consolidated net profit including associate viz. jumped 40684.4% to Rs 522.04 crore in Q2 September 2012 over Q2 September 2011.

is India's largest producer and exporter of iron ore in the private sector. The company is a majority owned and controlled subsidiary of Vedanta Resources plc, the London listed FTSE 100 diversified metals and mining major. For about six decades, Sesa has been involved in iron ore exploration, mining, beneficiation and exports. Sesa has iron ore mining operations in Goa and Karnataka and has a large integrated project site in Liberia, West Africa. 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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First Published: Mon, December 10 2012. 23:32 IST