Meanwhile, the BSE Sensex was up 201.05 points, or 2.19%, to 9,363.67.The block deal constituted 0.25% of the company's equity.The stock had declined 3.41% to Rs 73.65 on Monday, 8 December 2008, as concerns about the tumbling global iron ore prices offset news of the government abolishing 8% export duty on iron ore fines. As a part of the fiscal stimulus package announced on Sunday, 7 December 2008, the government abolished 8% export duty on export of fines and also cut the current 15% ad valorem export duty on lumps to 5%.
Since 86% of iron ore export consists of fines, the move comes as a major relief for the producers. On BSE, 16.62 lakh shares were traded in the counter. The stock had an average daily volume of 34.36 lakh shares in the past one quarter.The stock hit a high of Rs 78.30 and a low of Rs 74.90 so far during the day. The stock hit a 52-week high of Rs 219.50 on 5 May 2008 and a 52-week low of Rs 60 on 24 November 2008.
The mid-cap stock had outperformed the market over the past one month till 8 December 2008, declining 7.82% as compared to the Sensex's decline of 8.05%. It had underperformed the market in the past one quarter, declining 50.54% as compared to the Sensex's decline of 38.69%.
The company's current equity is Rs 78.72 crore. Face value per share is Rs 1.The current price of Rs 77.85 discounts the company's Q2 September 2008 annualized EPS of Rs 15.55, by a PE multiple of 5.01.Sesa Goa's net profit surged 272.63% to Rs 306.08 crore on 151.6% increase in sales to Rs 832.92 crore in Q2 September 2008 over Q2 September 2007.Sesa Goa, an iron ore mining company of the Vedanta group, has been involved in iron ore mining, beneficiation and exports besides. It is also into the manufacture of pig iron and metallurgical coke.
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