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Thursday, Nov 13, 2003

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Hectic activity in Sesa Goa

Our Bureau

Kolkata , Nov. 12

THE Sesa Goa stock today moved up by over 12 per cent on major bourses with a surge in traded quantity.

The stock closed at Rs 414.90 (Rs 368.60), after creating a 52-week high at Rs 431.80 on the Bombay Stock Exchange with accompanying volumes of 4.36 lakh (95,705) shares.

On the National Stock Exchange, it logged a volume of 8.92 lakh shares, of which around 26.3 per cent was presented for delivery. In the last six sessions, the stock has gained Rs 110 or around 35 per cent.

According to brokers and dealers, mutual funds, portfolio management schemes and institutions have turned their attention to the counter on expectations of a robust growth. At today's closing price, it traded at 34.6 times its earnings per share in the trailing four quarters.

Sesa Goa, a leading iron ore exporter, has been riding on the global steel market boom.

According to Mr Ketan Thacker of Anagram Stockbroking, during the current year, iron ore fines have seen an export price increase of 9 per cent. The price of lumps improved by around 8.5 per cent.

Metal analysts forecast that the international steel prices will remain firm and demand for iron ore is estimated to go up in the near future as massive Chinese construction activities have picked up ahead of the Olympic games in 2008.

The company recently entered into a contract to export iron ore to a Pakistan Steel Mill. For the next five years, annual shipment is estimated to be 1.17 million tonnes.

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