Sesa Sterlite Gains 2% on Expansion Nod
Sesa Sterlite shares gained over 2 per cent to Rs 298.35 on Thursday as the company got nod from the local public to expand capacity of its Lanjigarh refinery from one million tonne per annum (mtpa) to six mtpa.
Of the 1,000 people present at the public hearing, most provided their consent, based on the condition that the company provides employment and peripheral development in the locality.
Government officials supervising the public hearing will now submit a report to the state government which in turn will make its recommendation to central government for grant of clearances.
This is a positive development for the company which has been facing criticism for not getting environment clearances for a long time.
As of 10.15 a.m. shares in Sesa Sterlite traded 1.39 per cent higher at Rs 296 as against 0.18 per cent fall in Nifty.
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