Supreme Court lets Goa state resume sales of iron ore

Written By Unknown on Senin, 11 November 2013 | 23.26

Nov 11, 2013, 04.30 PM IST

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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Supreme Court lets Goa state resume sales of iron ore

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.

Like this story, share it with millions of investors on M3

Supreme Court lets Goa state resume sales of iron ore

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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The Supreme Court gave the go-ahead on Monday for the auction of around 11.46 million tonnes of iron ore already mined in Goa, potentially doubling the country's exports this year to top market China.

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.

"We are setting up a six-member expert committee to study the cap on production based on carrying capacity of roads and such," Justice AK Patnaik said in the Supreme Court

India used to be the world's third-largest exporter of iron ore, shipping out ore worth more than USD 7 billion per year, with much of that from Goa state. But restrictions in Goa and neighbouring Karnataka to clamp down on illegal mining have slashed ouput and exports.

India's shipments to China have slowed to a trickle at just over 8 million tonnes from January to September, down 75 percent from a year before.

Most of Goa's iron ore goes to China, fetching about USD 75 per tonne for low-grade ore of less than 52 percent iron content.


Sesa Sterlite stock price

On November 11, 2013, Sesa Sterlite closed at Rs 198.65, down Rs 1.05, or 0.53 percent. The 52-week high of the share was Rs 209.35 and the 52-week low was Rs 119.45.


The company's trailing 12-month (TTM) EPS was at Rs 1.31 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 151.64. The latest book value of the company is Rs 44.64 per share. At current value, the price-to-book value of the company is 4.45.


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