Deccan Gold Mines shares jump 20% after Supreme Court verdict
Business
Deccan Gold Mines just saw its shares jump 20% to a record ₹196.50, thanks to a Supreme Court decision that backs its old mining rights.
The verdict means the company can finally move ahead with its Ganajur Gold Project in Karnataka, a plan that had been stuck for years because of changing mining laws.
Supreme Court upholds pre-2015 mining leases
The Supreme Court ruled that mining leases granted before 2015 are still valid and don't need to go through new auction rules or risk being canceled under recent law changes.
That's huge for Deccan, since its Ganajur project holds about 308,000 ounces of gold.
Investors are clearly excited: Deccan's stock is up over 60% this past month, and the company's market value has climbed to nearly ₹39 billion.