Tata Sponge Iron gains after securing environmental clearance

Tata Sponge Iron rose 0.64% to Rs 757.30 at 09:29 IST on BSE after the government gave environmental clearance to increase the production capacity at the company's existing facility located at Village Bileipada, Odisha.

The announcement was made after market hours on Friday, 7 December 2018.

Meanwhile, the S&P BSE Sensex was down 571.44 points or 1.6% at 35,101.81

On the BSE, 2,564 shares were traded on the counter so far as against the average daily volumes of 5,783 shares in the past two weeks. The stock hit a high of Rs 762.80 and a low of Rs 750 so far during the day.

Tata Sponge Iron said that the Ministry of Environment, Forest and Climate Change, Government of India (MoEFCC), has considered the company's application and subject to certain conditions, decided to accord environmental clearance for the enhancement of DRI production from 4,25,000 TPA to 4,65,000 TPA in the company's existing facility located at Village Bileipada, Tehsil Barbil, District Keonjhar, Odisha.

Tata Sponge Iron is a sponge iron manufacturer. Tata Steel is the promoter of Tata Sponge Iron.

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