Sesa Sterlite has surged nearly 6% to Rs 203 on hopes of the restarting its iron ore mines in the state of Karnataka.
The stock had opened at Rs 191 and touched a low of Rs 190 on the BSE. A combined 9.02 million shares have changed hands on the counter so far on the BSE and NSE.
The company, largest private largest mining company in Karnataka, which has been permitted to extract 2.3 million tonnes (mt) a year following the approval for its R&R (reclamation and rehabilitation) Plan at its mines in Chitradurga district, is awaiting final clearance from the monitoring committee appointed by the Supreme Court (SC), the Business Standard report suggests.
Sesa Sterlite expects to resume mining operations in Karnataka during the current quarter (Q3, FY14), following the forest clearance, and would operate under deemed extension till the mining lease gets renewed, added report.
The stock had opened at Rs 191 and touched a low of Rs 190 on the BSE. A combined 9.02 million shares have changed hands on the counter so far on the BSE and NSE.
The company, largest private largest mining company in Karnataka, which has been permitted to extract 2.3 million tonnes (mt) a year following the approval for its R&R (reclamation and rehabilitation) Plan at its mines in Chitradurga district, is awaiting final clearance from the monitoring committee appointed by the Supreme Court (SC), the Business Standard report suggests.
Sesa Sterlite expects to resume mining operations in Karnataka during the current quarter (Q3, FY14), following the forest clearance, and would operate under deemed extension till the mining lease gets renewed, added report.