Sesa Sterlite gains as Goa govt to renew mining leases

[Editor: The most burning question now is: will this move usher in good days for the mining and shipping sector (especially ship repairing sector)? Only time will be able to tell, but if statistics are to be believed then those holding the shares of shipping and mining companies have much to cheer now]

Mumbai  August 19, 2014: The Goa government plans to renew the mining leases of those who have paid stamp duty

Shares of Sesa Sterlite were up nearly 4% at Rs 303 after the Goa government decided to follow the order of the Goa bench of the Bombay High Court to renew mining leases.

Goa Chief Minister Manohar Parrikar, in the State Assembly on Monday, said that atleast 27 mining leases on which stamp duty has been paid would be renewed by October 15.

He also announced that the mining operations in the State would be resumed by this year end.

The stock opened at Rs 298 and touched a high of Rs 305 so far on the Bombay Stock Exchange. Over 2.8 million shares were traded on the Bombay Stock Exchange and National Stock Exchange so far.

Courtesy: The Business Standard