3 December 2019 The Supreme Court (SC) has deferred its verdict on JSPs case related to the offtake of iron ore from the Sarda mines. JSP though had made payment for ~12mt of iron ore (mainly fines) to Sarda and the state (royalty/taxes), thereby stating its claim on the related ore. JSP cited it sources iron ore fines at INR1,800-2,000/t (ex-mine). Thus, if the company were allowed to lift the 12mt of fines, it will lead to a benefit of INR22- 24b. Thus, availability of this 12mt would provide significant cushion against any possible disruption (accounting for 18-20 months of sourcing from merchant mines). In recent times, JSPLs stock has re-rated (up ~55% over the past two months) on expectations of (a) benefit of coal block allocation (Gare Palma), (b) possible positive verdict on the Sarda mines case and (c) a recovery in steel prices.