Sarda Energy up 7% on emerging preferred bidder for coal mine in Raigarh

Sarda Energy & Minerals stock soars: Shares of Sarda Energy and Minerals (Sarda Energy) were in demand on Monday, November 25, 2024, as the scrip surged up to 7.16 per cent to an intraday high of Rs 443.65 per share.

 

The rally in Sarda Energy & Minerals share price came after the company announced that it has been declared as Preferred Bidder for Gare Palma IV/5 Coal Mine in District Raigarh, Chhattisgarh on 25.75 per cent revenue sharing basis with the State Government. 

 

In an exchange filing, Sarda Energy & Minerals said, “We are pleased to inform you that the Company has been declared as Preferred Bidder for Gare Palma IV/5 Coal Mine in Dist. Raigarh, Chhattisgarh on 25.75 per cent revenue sharing basis with the State Government.” 

 

The mine has a G8 (Provisional) grade of coal, Sarda Energy & Minerals revealed in a statement.  

 

Established in 1973, Sarda Energy & Minerals Limited (SEML) is the flagship entity of the Sarda Group, based in Raipur, Chhattisgarh. SEML specialises in the production of steel, ferro alloys, and power, positioning itself as one of India’s lowest-cost producers in the sector. 

 

The company has diversified its portfolio to include a range of products such as sponge iron, billets, and eco-friendly bricks, while also engaging in mining and power generation.

 

In 2007, Sarda Energy & Minerals expanded its capabilities by merging with Chhattisgarh Electricity Company Limited, reinforcing its vision to be a leading player in the energy and minerals industry. 

 

Since inception, Sarda Energy & Minerals has focused on delivering high-quality, customised products, backed by ethical business practices and a commitment to corporate responsibility. This dedication has made SEML a preferred supplier for over 60 countries worldwide.

 

The Sarda Energy & Minerals counter is listed on the Bombay Stock Exchange (504614) and the National Stock Exchange of India (SARDAEN). The market capitalisation of Sarda Energy is Rs 15,198.21 crore, according to BSE. The company falls under the BSE SmallCap category.

 

The Sarda Energy & Minerals scrip has outperformed the benchmark indices year-to-date, gaining over 69 per cent. In comparison, BSE Sensex has gained about 11 per cent.

 

At 10:01 AM, Sarda Energy & Minerals shares were trading 4.29 per cent higher at Rs 431.75 per share. In comparison, BSE Sensex was trading 1.36 per cent higher at 80,196.68 levels.