Iron ore exports: Sesa Goa gets an Supreme Court fillip

The Supreme Court order lifting ban on iron ore exports from Karnataka triggered action in shares of Sesa Goa on expectations that the move will normalise production activity in one of its mines located in the state. The stock spurted 6.4% to Rs 313.7 on higher volumes of nearly 20 lakh shares compared with the two-week average of 6.3 lakh shares on the BSE. Sesa Goa operates ‘Narrain’ mine in Karnataka.

The ban on exports from Karnataka had affected the company’s revenue. Sesa Goa is also expected to make an open offer to the shareholders of Cairn India next week, after it received the Sebi approval recently.

(Contributed by Harish Rao & Vijay Gurav)