Sesa Goa surges 4% ahead of SC hearing on mining case

Moneycontrol Bureau

Shares of Sesa Goa rallied around 4 percent in early morning trade on Tuesday ahead of the crucial Supreme Court hearing on Goa mining case. The Goa mining ban has crippled the state for a year now.

Sesa Goa, a Vedanta group company and country's largest producer and exporter of iron ore in the private sector, is sitting on inventory of 3 metric tonne and the market is looking for any clarity on inventory liquidation.

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Meanwhile, there is also a huge relief for Goa miners and Sesa Goa in particular as the SC will regularly hear the matter of Goa mining ban case.

Last year, the state of Goa and Supreme Court had imposed mining ban in the state after MB Shah Commission report was submitted citing illegal mining practices in the state.

This ban caused about USD 8 billion loss of revenue to both the central and the state government. At present about 4-6 million tonne iron ore is lying idle in the state, which is dependent on exports of these iron ore.

At 11:16 hrs the stock was quoting at Rs 183.15, up Rs 5.95, or 3.36 percent on the BSE.