Goa Cabinet approves grant of mining lease policy

Written By Unknown on Rabu, 05 November 2014 | 21.03

The renewal list is likely to include Sesa Sterlite's three leases. Salgaocar, Fomento Resources and Bandhekar brothers are expected to be other beneficiaries.

CNBC-TV18 learns that the Goa Cabinet has approved the grant of mining lease policy. The new policy paves the way for renewal of leases for mining. And sources say that the Goa government is likely to renew 21 leases in a month's time.

The renewal list is likely to include Sesa Sterlite 's three leases. Salgaocar, Fomento Resources and Bandhekar brothers are expected to be other beneficiaries.

The state mines department in October had moved a file clearing 10 mining leases, initiating a major step to resume mining operations halted for last two years in Goa.

The Supreme Court, which had lifted the ban on state's mining operations in April this year, had asked the Goa government to form a policy before allotting the leases. The Manohar Parrikar-led government had recently passed the Grant of Mining Leases Policy which had decided not to auction them (leases), but to hand them over to original operators once they complete all the formalities.

Sesa Sterlite stock price

On November 05, 2014, Sesa Sterlite closed at Rs 251.40, down Rs 9.9, or 3.79 percent. The 52-week high of the share was Rs 318.40 and the 52-week low was Rs 169.55.


The company's trailing 12-month (TTM) EPS was at Rs 5.48 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 45.88. The latest book value of the company is Rs 113.60 per share. At current value, the price-to-book value of the company is 2.21.


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