Sesa Goa erases gains, ends down 1%

The stock erased all its gains and slipped into the negative to touch a low of Rs 419, down 1% from its previous close. The counter clocked volumes of 9.96 lakh shares on the BSE.
________________________________________________

(Updated at 0939hrs)

Sesa Goa is doing well on the bourses after posting a 31.3% rise in net profit in the December quarter. The stock is trading at Rs 415, higher by Rs 5 or 1.3%, on the BSE. The shares had opened at Rs 413, and have touched a high of Rs 418 and a low of Rs 412 thus far.

The Iron ore producer has posted a net profit of Rs 607.71 crore for the quarter ended December 31, 2009 as against Rs 462.91 crore in the corresponding quarter of the previous year.  The total income rose from Rs 1399.65 crore to Rs 1526.69 crore during the same period.

Sesa Goa, a part of mining major Vedanta Resources, produces about 16 million tonnes of iron ore from its mines in Goa, Karnataka and Orissa.