Sandur Manganese zooms 11% on approval to increase production

Sandur Manganese plans to start the operations at enhanced level of production from the next financial year

Shares of Sandur Manganese and Iron Ore jumped 11.3 per cent to Rs 978 on the BSE in Thursday's intra-day trade after the Central Empowered Committee (CEC) allowed the company to enhance the manganese ore production from 2.86 lakh tonnes to 5.82 lakh tonnes. At 10:40 AM, the stock was ruling 10.6 per cent to Rs 971 apiece as against 0.2 per cent rise in the benchmark S&P BSE Sensex. 

"It may be noted that the company is expected to receive consent for operation from the Karnataka State Pollution Board and approval from the Monitoring Committee constituted in due course of time, and plans to start the operations at enhanced level of production from the next financial year," it said in an exchange filing. READ HERE

Sandur manganese is one of India's highly integrated and diversified commodity producing company with over six-and-a-half decades of experience in systematic, safe and scientific mining. Established in 1954, the company has expanded beyond mining operations to include the production of ferroalloys, coke and energy, and works towards further downstream expansion and diversification.

During the December quarter, the company reported total income of Rs 400.09 crore, down 20 per cent from Rs 498.45 crore income reported during the period ended December 31, 2021. The company's net profit stood at Rs 41.24 crore, falling 62 per cent YoY from Rs 108.86 crore.

The company's reported EPS was Rs 15.27 for the period ended December 31, 2022 as compared to Rs 41.19 for the period ended December 31, 2021.