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Sesa Sterlite shares settles in green, m-cap jumps by Rs 326 crore

Shares of the company gained after the government revoked the mining ban in Goa.

twitter-logoPTI | March 18, 2015 | Updated 20:42 IST
Sesa Sterlite settles in green, m-cap jumps by Rs 326 crore
Photo: Reuters

Shares of Sesa Sterlite on Wednesday settled for the day with gains of 0.57 per cent, adding Rs 326 crore to its market capitalisation, after the government revoked the mining ban in Goa.

The Centre on Tuesday decided to revoke its earlier order suspending all environmental clearances (ECs) of mines in Goa.

Reacting to the news, Sesa Sterlite, jumped 4.67 per cent to touch an intra-day high of Rs 201.90 on the Bombay Stock Exchange (BSE).

However, by the end of the day, the stock lost some ground and was trading at Rs 194.05, up 0.57 per cent over its previous closing price.

Accordingly, the market capitalisation of the company, increased by Rs 326.11 crore to Rs 57,529.80 crore by the end of Wednesday's trading session. The market capitalisation of Sesa Sterlite stood at Rs 57,203.69 crore on Tuesday.

Market analysts said the uptick in the counter was largely driven by the fact that the mining industry in Goa is likely to resume operations very soon.

In September 2012, the then Environment Minister Jayanti Natarajan had suspended ECs of mines in Goa for alleged violation of rules. Her decision came only days after the report of the Justice M B Shah Commission which spoke about illegalities.

The Ministry has decided to lift the abeyance of mines in Goa by following all Supreme Court directives, Environment Minister Prakash Javadekar said on Tuesday.

With the withdrawal of the suspension order, the Goa government said the mining industry will resume operations immediately.

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