Sesa Goa surges 8% ahead of Sterlite delisting, SC hearing
Sesa Goa shares rallied 8 percent Monday ahead of delisting of Sterlite Industries with effect from Tuesday.
August 26, 2013 / 16:20 IST
Moneycontrol Bureau
Sesa Goa shares rallied 8 percent Monday ahead of delisting of Sterlite Industries with effect from Tuesday.Vedanta Group companies Sterlite Industries and Sesa Goa announced a merger on August 17 and the record date for determining the shareholders of former to whom the equity shares of Sesa Goa will be allotted as per terms of the scheme is fixed as August 28, 2013.Accordingly, the trading in Sterlite Industries will not take place from August 27. The weightage of Sesa Goa will increase in Nifty owing to higher number of free float shares and Sesa Goa will also replace Sterlite Industries in the Sensex from Tuesday.Meanwhile, Karnataka iron ore mining case hearing in Supreme Court is also likely to be held today. The Supreme Court had banned mining in Karnataka and Goa in July 2011 and September 2012, respectively.The mines ministry met law ministry officials to discuss options to move Supreme Court on relaxing mining ban in Goa, reports CNBC-TV18 quoting sources. About 4-6 million tonne of iron ore is still lying idle in the state.It is believed that law ministry and mines ministry discussed the issue of reopening of Karnataka mines last week. The Supreme Court has already given a go ahead to reopen these mines, but these licences related to Category A and B mines are not being issued by the state and the Centre.At 11:47 hours IST, the stock surged 8.9 percent to Rs 166.50 on the Bombay Stock Exchange while Sterlite Industries rose 4.39 percent to Rs 91.60. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
