Sesa Sterlite shares rise on court order

Stocks

oi-Sunil

By Sunil Fernandes

Published: Monday, December 30, 2013, 11:03 [IST]

Shares in Sesa Sterlite rose after the after the Supreme Court allowed mining for the company at Chitradurg in Karnataka.

The stock was last trading higher by 1.59 per cent at Rs 204.45 on the National Stock Exchange.

The Honourable Supreme Court has, however, capped production from the mine at about 40 per cent of its annual capacity. Mining operations in Karnataka were banned in July 2011 following allegations of illegal mining.

Many brokerage firms believe that the lifting of the ban could have an impact on the stock price of the company, as the financials are likely to improve.

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