Tata Steel and Steel Authority of India have extended their gains after receiving clearance from the Odisha government on renewal of mining leases.
As per media reports, Tata Steel and Steel Authority of India have restarted most of their captive iron ore mines in Odisha after receiving new permits from the Odisha state government. Eight mines in Odisha, which have an annual combined capacity of 20 million metric tonnes, have resumed ore extraction.
The Supreme Court had banned mining operations at 26 quarries in Odisha on 16 May 2014, pending renewal of extraction leases from the state government.
Tata Steel has surged 1.8% to Rs 535.5 on the BSE. The stock opened at Rs 528, touched a high of Rs 543 and a low of Rs 525 on the BSE thus far. Over 2,166,639 shares were traded on both the stock exchanges so far.
SAIL has surged 3.2% to Rs 98.8 on the BSE. The stock opened at Rs 96.7, touched a high of Rs 99 and a low of Rs 95 on the BSE thus far. A total of 11,685,818 shares were traded on both the stock exchanges so far.
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