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Lloyds Metals and Energy surges after resuming mining activities at Gadchiroli mines

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Lloyds Metals and Energy was locked at 20% upper circuit at Rs 30 at 13:20 IST on BSE after the company resumed mining activities at Surjagarh iron ore mines at Gadchiroli in Maharashtra.

The announcement was made during market hours today, 8 April 2016.

Meanwhile, the S&P BSE Sensex was up 6.35 points or 0.03% at 24,691.77.

More than normal volumes were witnessed on the counter. On BSE, so far 2.38 lakh shares were traded in the counter as against average daily volume of 97,991 shares in the past one quarter. The stock was locked at a high of Rs 30 in intraday trade, which is also a 52-week high for the stock.The stock hit a low of Rs 24.40 so far during the day. The stock had hit a 52-week low of Rs 5.55 on 3 July 2015. The stock had outperformed the market over the past one month till 7 April 2016, gaining 37.36% compared with 0.16% decline in the Sensex. The scrip had also outperformed the market in past one quarter, surging 176.55% as against Sensex's 0.67% fall.

The small-cap company has equity capital of Rs 22.26 crore. Face value per share is Rs 2.

Lloyds Metals and Energy said that the work at its leased mines was suspended due to Force Majeure or unavoidable occurence. The iron ore material from the mine has started coming to the factory, it added. It further added that it has received 71,302 Certified Emission Reductions (CERs) from United Nations Framework Convention on Climate Change (UNFCCC). CERS are issued against the power produced at the waste to energy plant during the period from 27 May 2013 to 30 June 2014.

Lloyds Metals and Energy reported net profit of Rs 0.25 crore in Q3 December 2015 compared with net loss of Rs 6.64 crore in Q3 December 2014. Net sales fell 32.6% to Rs 73.88 crore in Q3 December 2015 over Q3 December 2014.

Lloyds Metals and Energy is a part of Lloyds group and is into manufacturing of spong and iron.

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First Published: Fri, April 08 2016. 13:18 IST
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