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Shares of Deccan Gold Mines rallied as much as 17.3 per cent on hopes of a positive verdict from the Supreme Court on Hutti gold mines.
The company’s Hutti-Maski belt project, which hosts the Hutti gold deposit, is under dispute with Hutti Gold Mines Company to retain its legal rights for mining.
If the Deccan Gold Mines gets an unfavourable verdict from the apex court, the stock will crash as it has rose sharply in the last few days. However, a positive verdict will boost the stock further.
After opening Rs 49.15 against the previous close of Rs 49.20, the stock touched an intraday high of Rs 57.70 and a low of Rs 49.15. In terms of equity volume, 8.95 lakh shares exchanged hands on the BSE. At 11.55 am local time, the shares were trading up 15.04 per cent at Rs 56.60.
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