Shares of metal companies are trading lower by up to 3% in noon deals after the Supreme Court (SC) today cancelled all the mining leases for extraction of iron ore in 49 category C mines in Bellary, Tumkur and Chitradurga districts of Karnataka.
“The leases of Category C mines will stand cancelled as per the Central Empowered Committee (CEC) report. There are 49 mining leases in Category C, whose licences will stand cancelled,” the Business Standard report suggests.
The SC has also said that no fresh lease will be given for mining in Karnataka.
The Bombay Stock Exchange (BSE) metal index is down almost 1% or 64 points at 8,415 compared to 0.56% rise in benchmark Sensex at 1203 hours. The index has fallen 102 points from intra-day high of 8,517 touched in early morning trades.
Among the individual stocks, NMDC is the largest loser, down 3% at Rs 124 on BSE. JSW Steel, Steel Authority of India, Jindal Steel and Power, Sterlite Industries and Tata Steel are trading lower by 1- 2%.
The forest bench of the Supreme Court has accepted all the reports submitted periodically by the CEC regarding the mining in Karnataka. As per the CEC reports, the Category B mines will be allowed to restart mining subject to necessary statutory clearances, adds report.
“The leases of Category C mines will stand cancelled as per the Central Empowered Committee (CEC) report. There are 49 mining leases in Category C, whose licences will stand cancelled,” the Business Standard report suggests.
The SC has also said that no fresh lease will be given for mining in Karnataka.
The Bombay Stock Exchange (BSE) metal index is down almost 1% or 64 points at 8,415 compared to 0.56% rise in benchmark Sensex at 1203 hours. The index has fallen 102 points from intra-day high of 8,517 touched in early morning trades.
Among the individual stocks, NMDC is the largest loser, down 3% at Rs 124 on BSE. JSW Steel, Steel Authority of India, Jindal Steel and Power, Sterlite Industries and Tata Steel are trading lower by 1- 2%.
The forest bench of the Supreme Court has accepted all the reports submitted periodically by the CEC regarding the mining in Karnataka. As per the CEC reports, the Category B mines will be allowed to restart mining subject to necessary statutory clearances, adds report.
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