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Sesa Sterlite gains on buzz of restart of mining operations in Goa

Capital Market 

Sesa Sterlite rose 3.18% to Rs 199.30 at 11:43 IST on BSE on media reports that the company expects to restart mining in Goa within two weeks as it waits for environment clearance and clarity on dumping waste outside the lease area.

Meanwhile, the S&P BSE Sensex was up 154.68 points or 0.55% at 28,416.69.

On BSE, so far 3.05 lakh shares were traded in the counter as against average daily volume of 4.59 lakh shares in the past one quarter.

The stock hit a high of Rs 199.20 and a low of Rs 192.80 so far during the day. The stock had hit a 52-week high of Rs 318.40 on 6 June 2014. The stock had hit a 52-week low of Rs 169.55 on 14 March 2014.

The stock had underperformed the market over the past one month till 19 January 2015, declining 7.25% compared with Sensex's 3.25% rise. The scrip had also underperformed the market in past one quarter, sliding 17.01% as against Sensex's 8.25% rise.

The large-cap company has equity capital of Rs 296.47 crore. Face value per share is Re 1.

According to reports, Sesa Sterlite expects to restart mining in Goa within two weeks as it waits for environment clearance and clarity on dumping waste outside the lease area. The Goa government last week reportedly revoked mining cessation order issued in 2012. This order allows companies to restart production with mines having valid mining leases.

Sesa Sterlite's consolidated net profit fell 32.4% to Rs 1619.29 crore on 22.7% decline in net sales to Rs 19448.14 crore in Q2 September 2014 over Q2 September 2013.

Sesa Sterlite is one of the world's largest diversified natural resources companies. Its business primarily involves exploring, extracting and processing minerals and oil & gas.

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First Published: Tue, January 20 2015. 11:39 IST
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