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"A section of truck owners' association is demanding a rate of Rs 17.63 per km while the mining firms, already reeling under the impact of a meltdown in iron ore prices and plethora of taxes, have offered to pay Rs 8 per km," the firm said in a statement.
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India's ace investor big bull Rakesh Jhunjhunwala says he came to the market in 1985, but his first forward trade was in 1988.
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The taxman argued that Sesa Sterlite, after the merger, had sought tax refund of Rs 1600 crore citing combined losses of the merged entity. The SC will hear the matter for final disposal on April 28.
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According to Santosh Kamath, the overall auction of the coal blocks at reasonable price is positive as it will increase the availability of coal. However, the end-use plants that had coal blocks earlier may now lose them and incur loses.
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A study by the Association for Democratic Reforms reveals electoral trusts and companies with varied interests in mining, real estate, power and the news paper businesses donated over Rs 127 crore to national parties, while the manufacturing sector came in second, spending about Rs 100 crore towards political donations
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PK Mukherjee, ED of Sesa Sterlite says floor price for 61-grade was fixed at Rs 5,000/ tonne and the company will continue to participate in e-auctions. He refuses to follow prices quoted by NMDC.
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Complaints have emerged against Sesa Goa and other private miners forming a cartel and trying to raise base prices of ore in e-auction. Sesa Goa had set the floor price of 61-62 percent iron ore at Rs 5000 per tonne.
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Anil Agarwal-controlled Twin Star Mauritius Holdings holds 38.67 percent stake in the company as of September 2013 while his other companies viz Sesa Goa and Sesa Resources have 18.38 percent stake and 1.71 percent, respectively. Hence, total promoter shareholding stands at 58.8 percent.
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The court also said it would set up a panel to decide on a cap for Goa's iron ore output and this should submit an interim report by February 15, 2014.
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Sesa Sterlite's consolidated numbers will include Cairn India, Sesa Goa and Vedanta Aluminium. Vedanta Resources merged Sterlite Industries with Sesa Goa in August and renamed latter as Sesa Sterlite.
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During the hearing, the apex court had said that there should be a proper system in place to regulate mining and other related activities in Goa.
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Pathik Gandotra of Dron Capital said he would accumulate Sesa Goa. According to him, there are just a couple of government actions, which need to be taken for the stock to give a very decent return.
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According to SP Tulsian of sptulsian.com, one may short Sesa Goa. One can look for a level of about Rs 175-176 in the next one week, he adds.
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According to Ventura Securities, market to open on a negative note on the back of weak global cues.
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TCS, Sesa Goa, Tata Steel, Wipro and Bajaj Auto are top gainers in the Sensex. Laggards of the day include HUL, ITC and Bharti Airtel.
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According to Way2Wealth.com, market is expected to open on subdued note and thereafter will continue to trade with negative biasness. Nifty will continue to trade in broad range of 5700-5980 levels.
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ICICI Bank (down 3 percent), BHEL (down 2.3 percent), Bharti Airtel and HDFC twins are among the losers in the Sensex. Meanwhile, Hero MotoCorp, Sun Pharma, Sesa Goa, ONGC and Bajaj Auto are leading the Sensex.
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According to HDFC Securities, Nifty may face Immediate resistance at 5920 while the Nifty may find strong support at 5830.
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According to Gopi Suvanam of Investworks, one may have a bullish stance on metal stocks like Hindalco Industries with a target of Rs 125 and Tata Steel.
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According to Mayuresh Joshi of Angel Broking, Sesa Goa may touch Rs 230-240 in next 12-15 months.
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Manav Chopra of Nirmal Bang Securities is of the view that one may hold Sesa Goa.
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Way2Wealth has come out with its special report on Sesa Goa & Exide Industries. "Short term opportunity has seen in both the stocks, so one can buy Sesa Goa October futures above Rs 193.50 and Exide Industries (cash) above Rs Rs 134," advises the research firm.
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According to HDFC Securities, immediate resistance for Nifty is at 5950, while strong support is at 5811.
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Manoj Murlidharan of IIFL is of the view that metals and private banks will outperform and pharma and IT might underperform next month.
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SP Tulsian of sptulsian.com advises booking profits in Sesa Goa at current level.
