Kalyani Steel up nearly 11% as court lifts mining ban

Kalyani Steel jumped nearly 12% on Monday after the supreme court allowed 18 mines to resume iron ore mining in Karnataka, after a suspension of over a year on environment concerns, justice Aftab Alam and justice Ranjana Prakash Desai said.India used to produce about 200 million tons a year of iron ore and exported about half of that, but clamp downs on illegal mining and New Delhi"s desire to keep supplies for domestic steel mills have slashed that figure.Shares ofthe companyare trading at Rs 58.95, up Rs 6.15, or 11.65% at the Bombay Stock Exchange (BSE) on Monday at 11:28 a.m.The scrip has touched an intra-day high of Rs 60.50 and low of Rs 53.50. The total volume of shares traded at the BSE is 465,771.In the earlier session, the shares climbed 1.93%, or Rs 1, at Rs 52.80. Currently, the stock is trading down 16.2% from its 52-week high of Rs 70.35 and above 84.22% over the 52-week low of Rs 32.

Share Price Movement Period Pricein Rs Gain/(Loss) in Rs in % 1 Week 53.40 (0.60) (1.12) 1 Month 59.15 (6.35) (10.74) 3 Months 48.35 4.45 9.20 6 Months 57.55 (4.75) (8.25) 1 Year 50.45 2.35 4.66 Note: Based on previous day closing price.