India’s top iron ore producing state Odisha is likely to renew the licences of 18 iron ore mines shut since 2014, a state official said on Saturday, in a boost for local steel producers.

A panel of senior government officials in Odisha has recommended the reopening of the mines, which were closed in 2014 due to non-renewal of years-old leases, the state’s mining director Deepak Kumar Mohanty said.

“We expect to complete the renewal process in 10 days,” Mohanty said. The re-opening of the 18 mines will raise iron ore output in Odisha state to 70 million tonnes this fiscal year, about the same level as before the mines were shut, from the 51 tonnes produced in the year ending March 31, the official said.

The panel has also recommended an extension of the lease period for eight separate mines in the state, which belong to Tata Steel , Steel Authority of India and Odisha Mining Corp and are currently operating under a so-called temporary express order, Mohanty said.

The Supreme Court in 2014 ordered the closure of nearly half of the 56 mines operating in Odisha because they were operating without a renewal of years-old leases. Tata Steel stock price On April 06, 2015, Tata Steel closed at Rs 318.05, down Rs 5.95, or 1.84 percent. The 52-week high of the share was Rs 578.60 and the 52-week low was Rs 311.30.

The company’s trailing 12-month (TTM) EPS was at Rs 78.29 per share as per the quarter ended December 2014.

The stock’s price-to-earnings (P/E) ratio was 4.06. The latest book value of the company is Rs 629.60 per share. At current value, the price-to-book value of the company is 0.51.

 

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