Marketmen had expected the government to increase the export duty on iron ore.

Meanwhile, the BSE Sensex was down 407.31 points, or 2.29%, to 17,417.17, hit by a hike in short term capital gains tax on sale of shares to 15% from 10% in Union Budget 2008-09.

On BSE, 1.82 lakh shares of the scrip were traded. The stock had an average daily volume of 37,828 shares on BSE in past one quarter.

The scrip had touched a high of Rs 3485 and a low of Rs 3090.15 so far during the day. The stock had hit a 52-week high of Rs 3969 on 1 January 2008 and a 52-week low of Rs 1485 on 1 March 2007.

The scrip had outperformed the market in the one month to 28 February 2008, adding 8.53% as against the Sensex's 0.37% rise. It had also outperformed the market in the past three months, sliding 5.98% against the Sensex's 7.95% slide.

India's largest private sector iron ore exporter by sales has an equity capital of Rs 39.36 crore. Face value per share is Rs 10.

At the current price of Rs 3420, the scrip trades at a PE multiple of 6.83, based on Q3 December 2007 annualised EPS of Rs 500.72.

The net profit of Sesa Goa rose 152.7% to Rs 492.71 crore on 99.4% rise in sales to Rs 1172.38 crore in Q3 December 2007 over Q3 December 2006.

Sesa Goa, an iron ore mining company of the Vedanta group, has been involved in iron ore mining, beneficiation and exports besides. It is also into the manufacture of pig iron and metallurgical coke.