SC denies Vedanta to Export Iron Ore from Karnataka
NEW DELHI: The Supreme Court today denied permission to Vedanta India to export iron ore mined from the state of Karnataka while permitting NMDC — National Mineral Development Corporation to carry on with the dual pricing of the minerals.
A bench headed by Justice Ranjan Gogoi said in its verdict that NMDC is free to fix the price of minerals and continue with the dual pricing.
The apex court also refused the prayer of Vedanta India for referring the matter to the High Court for judgement.The company had challenged the decision by a court-appointed monitoring committee defying it the permission to export the iron ore. The court also refused a plea by KISMA — Karnataka Iron and Steel Manufacturers’ Association to do away with the National Mineral Development Corporation’s policy of dual pricing of the iron ore.
The bench also denied to direct the monitoring committee to fix base price for iron ore.
Vedanta share price performance:
Currently, Vedanta share price is trading 0.09 per cent higher at Rs.170.15 on NSE. The stock opened at Rs.169.35 from a previous closing of Rs.170.00. Vedanta is one of the top 500 Shares chosen by Dynamic Levels research team at the culmination of every quarter out of the 1700 Shares which are listen on NSE. Vedanta India has strong fundamentals and financials. In other words, the stock has not made any loss in last 2 quarters and its debt equity is lower than 2. Its pledge is lower than 25 per cent. Vedanta is safe for investment as recommended by the Dynamic Levels researchers, market experts and stock analysts. Visit Vedanta share price history prepared by Dynamic Levels which provides a Support and Resistance levels ladder for the stock. The ladder gives you the history of the stock’s share price movement for the last 15 years.