New Delhi, Dec 17 :
Stocks of Vedanta on Monday climbed over 6 per cent after the NGT set aside the Tamil Nadu government order for closure of the company’s copper plant at Tuticorin.
On the BSE, the stocks opened at Rs 214.25, higher 6.48 per cent from the previous close. At 1250 hrs, the scrip was trading at Rs 207.65, a gain of 3.21 per cent. The stock, after a positive opening on the NSE, gained 5.80 per cent to the intra-day high of Rs 213.30.
The NGT on Saturday, set aside the Tamil Nadu government order for closure of the copper unit at Tuticorin, which was at the centre of massive protests over alleged pollution, saying it was “non sustainable” and “unjustified”. A bench headed by NGT Chairperson A K Goel asked the Tamil Nadu Pollution Control Board (TNPCB) to pass a fresh order for renewal of consent and authorisation to handle hazardous substances, subject to appropriate conditions for protection of the environment in accordance with law within three weeks from Saturday.
In May, Vedanta’s Sterilte Copper had to close the smelter plant following the state government order. The company had challenged the order in the National Green Tribunal (NGT).
Earlier, Sterlite Copper CEO P Ramnath had said that the plant met over 30 per cent of the of India’s copper demand.
Sterlite Copper’s plant closure had led to a spike in the prices of phosphoric and sulphuric acids, adversely affecting the downstream chemical and fertilisers industry, he added.
