Sandur Manganese and Iron Ore has soared 12% to Rs 595 after the company said it has resumed the mining operations in Karnataka from today.
“The company's various representations and material facts placed before the Competent Authorities, the Government of Karnataka has clarified and confirmed the company's entitlement to continue its mining operations and accordingly the company on January 20, 2014 has resumed the mining operations,” Sandur Manganese and Iron Ore said in a BSE filing.
The company had suspended its mining operations from January 1, 2014, following the expiry of its mining lease on December 31, 2013.
The company had mining leases granted under the provisions of the Mines & Minerals (Development & Regulation) Act, 1957 (MMDR Act) for 20 years effective from January 1, 1994, and the same expired on December 31, 2013.
The stock opened at Rs 539 and touched a high of Rs 606 on the BSE. Till 1155 hours, around 33,000 shares changed hands against an average less than 5,000 shares that were traded daily in past two weeks on the BSE.
Since December 30, the stock has underperformed the market by falling 18% compared to a marginal 0.37% decline in benchmark S&P BSE Sensex till yesterday.
“The company's various representations and material facts placed before the Competent Authorities, the Government of Karnataka has clarified and confirmed the company's entitlement to continue its mining operations and accordingly the company on January 20, 2014 has resumed the mining operations,” Sandur Manganese and Iron Ore said in a BSE filing.
The company had suspended its mining operations from January 1, 2014, following the expiry of its mining lease on December 31, 2013.
The company had mining leases granted under the provisions of the Mines & Minerals (Development & Regulation) Act, 1957 (MMDR Act) for 20 years effective from January 1, 1994, and the same expired on December 31, 2013.
The stock opened at Rs 539 and touched a high of Rs 606 on the BSE. Till 1155 hours, around 33,000 shares changed hands against an average less than 5,000 shares that were traded daily in past two weeks on the BSE.
Since December 30, the stock has underperformed the market by falling 18% compared to a marginal 0.37% decline in benchmark S&P BSE Sensex till yesterday.
