Metal shares gain after SC lifts mining ban

Metal shares gained after the SC lifted iron ore mining ban in Goa and Sesa Sterlite up 5.5%

Sesa Sterlite gained 5.5% at Rs 203 in noon trades as the Supreme Court lifted iron ore mining ban in Goa with a cap of not exceeding 20 mtpa. Also, that the Goa government will be considering all leases expired post 2007.

According to reports, in a press conference held earlier this month, Sesa Sterlite's vice president (corporate affairs) for its Iron ore business, A N Joshi, had said that if the ban is lifted "mining is expected to be resume by September as heavy rains lash the state during June-July."

The stock which opened at Rs 194, hit a high of Rs 207 in noon deals. The volumes on the counter spurted by nearly 2.10 times.

Among other metal shares, JSW Steel, SAIL, Coal India, Hindalco, Jindal Steel and NMDC gained 1-5%