Deccan Gold Mines shares jumps 4% on relief from Karnataka High Court

Stocks

The share touched a 52-week high of Rs 25.45 on January 6, 2021 and a 52-week low of Rs 10.80 on March 31, 2020.

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Deccan Gold Mines share price added 4 percent intraday on March 12 after the company said that the Karnataka High Court had set aside the Centre’s order to keep its prior approval for Ganajur Mining Lease in abeyance.

The writ petition was filed by Deccan Exploration Services Private Limited (DESPL), a wholly-owned subsidiary of the company.

The government has been given three months to initiate action but it will afford the company a hearing before passing an order, it said.

The state government would have to initiate steps for grant of Ganajur Mining Lease in favour of the company at the end of three months if the Centre does not initiate any proceedings, the company said. It was waiting for a the court’s formal order, the company said.

At 13:32 hrs Deccan Gold Mines was quoting at Rs 16.55, up Rs 0.75, or 4.75 percent on the BSE.

dcm

The share touched a 52-week high of Rs 25.45 on January 6, 2021 and a 52-week low of Rs 10.80 on March 31, 2020. It is trading 34.97 percent below its 52-week high and 53.24 percent above its 52-week low.