Sesa Goa surges on plans to start importing iron ore for feeding pig iron plant in Goa

Vedanta Ltd. | Metal - Non Ferrous | Metals & Mining | BSE: 500295 | NSE: VEDL

26 Nov 2012 Evaluate

Sesa Goa is currently trading at Rs. 168.55, up by 2.75 points or 1.66% from its previous closing of Rs. 165.80 on the BSE.

The scrip opened at Rs. 166.05 and has touched a high and low of Rs. 168.40 and Rs. 166.05 respectively. So far 26303 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 270.00 on 17-Feb-2012 and a 52 week low of Rs. 148.70 on 20-Dec-2011.

Last one week high and low of the scrip stood at Rs. 169.25 and Rs. 162.85 respectively. The current market cap of the company is Rs. 14561.79 crore.

The promoters holding in the company stood at 55.13% while Institutions and Non-Institutions held 30.96% and 13.91% respectively.

Sesa Goa is likely to start importing iron ore for feeding its 6.25 lakh tonnes pig iron plant in Goa due to a mining ban in the state. After the imposition of mining ban in Goa in September this year, its production has come to halt.

The Supreme Court, on 5 October 2012, ordered a suspension on mining activities in Goa, including transportation of mined ore from mines or stockyards and asked the Central Empowered Committee to file a preliminary report in four weeks.

The company has registered 86% year-on-year decline in sales of iron ore to 0.2 million tonne during the quarter ended September 30, 2012 as against the sales of 1.6 million tonnes during the corresponding quarter last fiscal. For the half year ended (H1) September 30, 2012, sales were 3.1 million tonnes as compared with 5.8 million tonnes during the corresponding prior year.

Vedanta Share Price

281.90 -24.00 (-7.85%)

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Peers

Company Name	CMP
Hindalco	986.50
Vedanta	281.90
Hindustan Zinc	546.95
Jain Resource Recycl	374.55
CMR Green Tech	253.10
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