Sandur Manganese and Iron Ores have moved higher by over 8% at Rs 558 after the company said it has resumed its mining operations in Karnataka from today.
The company had suspended the mining operation in the state consequent to Forest Conservation Division of Ministry of Environment & Forests (MoEF), opined that the forest clearance granted by it to the company should be considered as co-terminus with the period of Lease under Mines and Minerals (Development & Regulation) Act, 1957 since it does not recognize the provisions under Mineral Concession Rules, 1960.
In February, the company had made an application before the Hon’ble Supreme Court for resolving the issue pertaining to interpretation of the relevant provisions in this regard.
Considering the Company’s plea, the Supreme Court was pleased to stay the directions contained in the said MoEF’s communication dated 29 January 2014 resulting in permitting the company to continue mining operations, Sandur Manganese said in a statement.
The stock opened at Rs 510 and touched a high of Rs 565 on the BSE. Around 24,000 shares changed hands on the counter till 1050 hours against an average less than 10,000 shares that were traded daily in past two weeks on the BSE.
The company had suspended the mining operation in the state consequent to Forest Conservation Division of Ministry of Environment & Forests (MoEF), opined that the forest clearance granted by it to the company should be considered as co-terminus with the period of Lease under Mines and Minerals (Development & Regulation) Act, 1957 since it does not recognize the provisions under Mineral Concession Rules, 1960.
In February, the company had made an application before the Hon’ble Supreme Court for resolving the issue pertaining to interpretation of the relevant provisions in this regard.
Considering the Company’s plea, the Supreme Court was pleased to stay the directions contained in the said MoEF’s communication dated 29 January 2014 resulting in permitting the company to continue mining operations, Sandur Manganese said in a statement.
The stock opened at Rs 510 and touched a high of Rs 565 on the BSE. Around 24,000 shares changed hands on the counter till 1050 hours against an average less than 10,000 shares that were traded daily in past two weeks on the BSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%