Shares of NRI billionaire Anil Agarwal-led Sesa Goa jumped a 7-8 percent ahead of the Central Empowered Committee (CEC) report on allegations of illegal mining in Goa tomorrow. CNBC-TV18’s Nigel D'Souza reports.
Sesa Goa's investors are hoping that there would be some kind of good news. Now good news can come in two forms. 1) A partial withdrawal on the mining ban in Goa or 2) there can also be a resumption of the transportation of iron ore that they already have. In September 2012, there was a complete blanket mining ban in Goa. Sesa Goa has already been suffering as their Karnataka operations have come to a standstill for the past 15 months. The company was dependent on its Goa operations over the past 15 months.
With the mining ban in Goa, Sesa Goa operationally has been doing absolutely nothing for the past two months. The company has around 3 million tonne of inventory, which it has not been able to dispatch.
However, the stock gave up most of its gains, closing up 3.57 percent at Rs 178.60 a piece.
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