Sandur Manganese jumps as government restores ore mining limit

Sandur Manganese & Iron Ores rose 5.75% to Rs 550 at 12:15 IST on BSE after the company announced that government has approved for restoration of company's iron production limits.

The announcement was made after trading hours yesterday, 5 April 2016.

Meanwhile, the BSE Sensex was up 87.49 points, or 0.35%, to 24,971.08

On BSE, so far 8,105 shares were traded in the counter, compared with an average volume of 7,618 shares in the past one quarter. The stock hit a high of Rs 586 and a low of Rs 545 so far during the day. The stock hit a 52-week high of Rs 870 on 16 July 2015. The stock hit a 52-week low of Rs 280 on 26 February 2016. The stock had outperformed the market over the past one month till 5 April 2016, rising 30.22% compared with Sensex's 0.96% rise. The scrip also outperformed the market in past one quarter, gaining 7.28% as against Sensex's 2.72% fall.

The small-cap company has an equity capital of Rs 8.75 crore. Face value per share is Rs 10.

Sandur Manganese & Iron Ores said that the Commissioner, Department of Mines & Geology, Government of Karnataka has vide letter dated 29 March 2016, received by the company on 4 April 2016, communicated the approval accorded by the Central Empowered Committee (CEC), constituted by the Supreme Court, for restoration of company's iron production limits to 1.6 million tonne per annum (MTPA) which was restricted at 0.74 MTPA.

Sandur Manganese & Iron Ores had reported net loss of Rs 2.32 crore in Q3 December 2015, as compared with net profit of Rs 0.27 crore in Q3 December 2014. Net sales declined 26% to Rs 49.73 crore in Q3 December 2015 over December 2014.

Sandur Manganese & Iron Ores is engaged in the business of mining manganese and iron ore.

Powered by Capital Market - Live News