JSPL resumes transportation of iron ore from Odisha mines

Jindal Steel and Power Limited (JSPL) announced on Tuesday that following an order from Supreme Court, it had started the transportation of its already-processed and royalty paid iron-ore from its supplier’s mines in Keonjhar (Odisha).

Sarda Mines Pvt Ltd (SMPL), the supplier of high-quality ore to JSPL plant was closed on March 2014 on account of the lack of environmental clearances. It was only last week that the apex court allowed SMPL to resume its mining operations in Odisha, subject to paying a penalty towards environmental compensation.

Speaking on the announcement, V R Sharma, the Managing Director of JSPL stated that the order was a great relief in terms of bolstering the company's working capital and raw material security.

JSW Steel Limited is engaged in the business of production and distribution of iron and steel products. It has plants in over six locations in India, including Vijayanagar (Karnataka), Salem (Tamil Nadu) and Tarapur, Vasind, Kalmeshwar and Dolvi in Maharashtra.

On Tuesday, the stock closed at Rs 183.40, up by 4.89 per cent or Rs 8.55 per share. The 52-week high is recorded at Rs 190.45 and the 52-week low is Rs 91.10 on BSE.