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SC order on Odisha mining to hurt Tata Steel, SAIL

LiveMint logoLiveMint 16-05-2014 Promit Mukherjee

Mumbai: Tata Steel Ltd, India’s biggest maker of the alloy, and state-run Steel Authority of India Ltd (SAIL) may be affected by a Supreme Court decision on Friday pertaining to ore mining in Odisha.

The apex court suspended iron mining in Odisha by companies whose lease agreements have expired and were not renewed by the state government, according to a PTI report.

Five mines of Tata Steel were under deemed renewal and will be impacted immediately, a company spokesperson said. Two mines of SAIL are likely to fall under the ambit of the court’s order, according to a 1 May PTI report.

The apex court was hearing a public interest litigation (PIL) filed by non-profit Common Cause.

At 2.50pm, shares in Tata Steel dropped 3.84% to `443 on BSE, while the benchmark Sensex gained 1.51% to 24,265.41 points. Shares of SAIL gained 4.36% to `79.

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