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This is an archive article published on August 29, 2011

HSBC cuts Sesa Goa stock target on ban

HSBC has cut target price of Sesa Goa stock to Rs 220 rupees and retained neutral rating.

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HSBC has cut target price of Anil Aggarwal-led Vedanta Resources group company Sesa Goa stock to 220 rupees from 320 rupees and retained neutral rating on the back of the mining ban that India’s top court has imposed in two more districts of Karnataka.

The Supreme Court had last week extended a ban on mining of iron ore to Chitradurga and Tumkur districts.

We cut FY12 volume estimates (for Sesa Goa) by 16 percent assuming impact for the rest of the year,HSBC said in a note.

At 12.36 p.m.,the stock was at 203.05 rupees,down 0.37 percent in a Mumbai market that was up 2.6 percent.

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