Sandur Manganese spurts after announcing hike in manganese ore production 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 enhancement of company's manganese ore production limit.

The announcement was made during trading hours today, 1 July 2016.

Meanwhile, the BSE Sensex was up 192.32 points, or 0.71%, to 27,192.04

On BSE, so far 31,000 shares were traded in the counter, compared with an average volume of 8,967 shares in the past one quarter. The stock hit a high of Rs 627.70 and a low of Rs 578 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 30 days till 30 June 2016, gaining 3.94% compared with Sensex's 1.07% gains. The stock, however, underperformed the market in past one quarter, rising 3.79% as against Sensex's 6.85% rise.

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 Central Empowered Committee (CEC), constituted by the Supreme Court of India has vide letter dated 27 June 2016 communicated its approval for enhancement of company's manganese ore production limit to 0.254 million tonne per annum (MTPA) which was hitherto reduced from 0.55 MTPA to 0.18 MTPA after the Supreme Court had in January 2013 directed the Government of Karnataka to scale down the iron ore production to safeguard the environment from further degradation.

Sandur Manganese & Iron Ores had reported net loss of Rs 17.01 crore in Q4 March 2016, higher than net loss of Rs 20.09 crore in Q4 March 2015. Net sales rose 3.11% to Rs 59.73 crore in Q4 March 2016 over Q4 March 2015.

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

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