Sarda Energy & Minerals spurts after restarting mining operations

Sarda Energy & Minerals rose 7.55% to Rs 247.25 at 10:28 IST on BSE after the company said that the operations at its iron ore mine in Chhattisgarh have been restored.

The announcement was made after trading hours yesterday, 30 November 2016.

Meanwhile, the BSE Sensex was up 92.11 points, or 0.35%, to 26,486.12.

On BSE, so far 59,000 shares were traded in the counter, compared with average daily volume of 86,198 shares in the past one quarter. The stock hit a high of Rs 256.65 and a low of Rs 235.50 so far during the day. The stock hit a 52-week high of Rs 296.60 on 1 November 2016. The stock hit a 52-week low of Rs 75.50 on 26 February 2016. The stock had underperformed the market over the past 30 days till 29 November 2016, falling 15.83% compared with the 5.50% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 33.55% as against Sensex's 7.23% decline.

The small-cap company has equity capital of Rs 36.02 crore. Face value per share is Rs 10.

On 9 March 2016, Sarda Energy & Minerals announced temporary suspension of operation at its iron ore mine in Dongarbore (Chhattisgarh) after a naxalite attack on 7 March 2016, which caused death of one employee and damage of a few vehicles.

Net profit of Sarda Energy & Minerals rose 250.3% to Rs 12.54 crore on 2.7% decline in net sales to Rs 253 crore in Q2 September 2016 over Q2 September 2015.

Sarda Energy & Minerals (SEML) is one of the lowest cost producers of steel (sponge iron, billets, ingots, TMT bars) and one of the largest manufacturers and exporters of ferro alloys in India.

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