Shares of Tata Steel and Steel Authority of India were up 1.71% to 1.9% on BSE at 14:02 IST, with both these stocks extending their gains triggered by reports the two steel makers have restarted most of their iron ore mines in Odisha.
Tata Steel was up 1.71% at Rs 534.75. Steel Authority of India (Sail) was up 1.9% at Rs 97.45.
Shares of Tata Steel have risen 12.57% in three trading sessions from Rs 475 on 30 May 2014. Shares of Sail have risen 11.37% in three trading sessions from Rs 87.50 on 30 May 2014.
As per reports, Tata Steel and Steel Authority of India have restarted most of their iron ore mines in Odisha state after getting new permits from the Odisha state government. A total of eight mines in Odisha, which have an annual combined capacity of 20 million metric tonnes and received new mining leases, have resumed ore extraction, according to reports. These include four mines of Tata Steel, three of Steel Authority of India and one belonging to Orissa Mining Corp.
Iron ore is a key input in steel making.
The Supreme Court on 16 May 2014 ordered suspension of mining at 26 quarries in Odisha, pending renewal of extraction leases from the state government. The court gave six months to the state to dispose all applications for renewing permits and asked it to first process the applications for mines owned by steel makers.
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