Aug 29, 2013, 06.17 PM IST | Source: Moneycontrol.com

Sesa Goa rallies 14%, Goa CM says mining may resume in Nov

Goa chief minister Manohar Parrikar said mining in Goa could resume by November this year if the Supreme Court lifts the ban imposed on the activity soon. He also added that the state government has begun formalities to withdraw suspension of mining leases issued last year.

Moneycontrol Bureau

Sesa Goa has been on fire rising around 50 percent in the August series. The stock jumped 14 percent Thursday on possibility of mining work resuming in Goa.

Goa chief minister Manohar Parrikar said mining in Goa could resume by November this year if the Supreme Court lifts the ban imposed on the activity soon. He also added that the state government has begun formalities to withdraw suspension of mining leases issued last year.

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"If Supreme Court vacates the ban (on mining) the export of the ore can start by November-December this year," Parrikar told reporters here on Thursday.
 
Meanwhile, the stock has also been a favourite among investors in a weak market as Vedanta Group company Sterlite Industries merged with it on August 27.

The weightage of Sesa Goa increased in Nifty owing to higher free float.

The stock closed at Rs 192.50, up Rs 22.95, or 13.54 percent on the BSE.

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