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No further production for Sesa Goa from its Chitradurga mine
Sesa Goa operates an iron ore mine in Chitradurga district which would be shut down until
further orders by SC. Our earlier estimate of production and sales volumes from
Chitradurga mine for FY2012 was 5mn tonnes (21.8% of Sesa’s total production volumes
for FY2012). With mining ban in the region, we now prune our production and sales
volume estimates for FY2012 and FY2013 as we expect no further production from
Chitradurga mines. We lower our target price to `253 (`335), valuing the stock at 3.0x
FY2013 EV/EBITDA and maintain Buy rating on the stock.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
No further production for Sesa Goa from its Chitradurga mine
Sesa Goa operates an iron ore mine in Chitradurga district which would be shut down until
further orders by SC. Our earlier estimate of production and sales volumes from
Chitradurga mine for FY2012 was 5mn tonnes (21.8% of Sesa’s total production volumes
for FY2012). With mining ban in the region, we now prune our production and sales
volume estimates for FY2012 and FY2013 as we expect no further production from
Chitradurga mines. We lower our target price to `253 (`335), valuing the stock at 3.0x
FY2013 EV/EBITDA and maintain Buy rating on the stock.
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