Rohit Ferro-Tech gains on commencement of sales from a coal mine

Rohit Ferro-Tech rose 1.93% to Rs 13.70 at 11:27 IST on BSE after the company said that a coal mine owned by the company through its wholly owned subsidiary in Indonesia has started commercial sales on Tuesday, 19 November 2013.

The announcement was made after market hours on Tuesday, 19 November 2013.

Meanwhile, the S&P BSE Sensex was down 95.35 points or 0.46% at 20,795.47.

On BSE, 1.11 lakh shares were traded in the counter as against average daily volumes of 2.97 lakh shares in the past two weeks.

The stock hit a high of Rs 14.11 and a low of Rs 13.66 so far during the day.

Rohit Ferro-Tech said that the Pt Bara Prima Mandiri (BPM) having a Coking Coal mine located in Central Kalimantan Province of Indonesia owned by the company through its wholly owned subsidiary SKP Overseas, Singapore has started commercial sales on 19 November 2013 by shipping its first cargo to China.

The company said it is in the process of finalising one of the largest mining contractors in Indonesia for expanding the production to reach at the optimum production capacity by March 2014.

Rohit Ferro-Tech said it has targeted to produce around 500000 MT of Coking Coal per year from the open cast reserves. Considering the huge potential in underground mining the company is also doing a further techno-commercial study to enhance the capacity in coming years, it added.

Rohit Ferro-Tech reported a net loss of Rs 60.42 crore in Q2 September 2013 as against net profit of Rs 10.14 crore in Q2 September 2012. Net sales rose 39.6% to Rs 708.92 crore in Q2 September 2013 over Q2 September 2012.

Rohit Ferro-Tech is engaged in manufacturing of ferro alloys.

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