Sandur Manganese & Iron Ores surged 5.8% to Rs 542.25 at 12:18 IST on BSE after the Supreme Court permitted the company to continue its mining operations.
The company made the announcement during trading hours today, 21 February 2014.
Meanwhile, the BSE Sensex was up 150.49 points, or 0.73%, to 20,687.13
On BSE, so far 31,269 shares were traded in the counter, compared with an average volume of 9,793 shares in the past one quarter.
The stock hit a high of Rs 565 and a low of Rs 510 so far during the day. The stock hit a 52-week high of Rs 720 on 30 October 2013. The stock hit a 52-week low of Rs 301 on 23 May 2013.
The stock had underperformed the market over the past one month till 20 February 2014, falling 12.67% compared with the Sensex's 3.15% fall. The scrip also underperformed the market in past one quarter, sliding 19.56% as against Sensex's 0.48% decline.
The small-cap company has an equity capital of Rs 8.75 crore. Face value per share is Rs 10.
Sandur Manganese & Iron Ores during trading hours today, 21 February 2014 said that considering the company's plea, the Hon'ble Supreme Court was pleased to stay the directions contained in the Ministry of Environment & Forests (MoEF)'s communication dated 29 January 2014 resulting in permitting the company to continue mining operations. Thereafter, having coordinated with all the concerned government departments, the company is resuming its mining operations from today, 21 February 2014, Sandur Manganese & Iron Ores said in a statement.
It may be recalled that Sandur Manganese & Iron Ores had informed on 1 February 2014 about suspension of mining operations of the company consequent to Forest Conservation Division of Ministry of Environment & Forests (MoEF), Government of India by clarification dated 29 January 2014 opined that the Forest Clearance granted by it to the company should be considered as co-terminus with the period of Lease under Mines and Minerals (Development & Regulation) Act, 1957 since it does not recognize the provisions under Mineral Concession Rules, 1960.
Net profit of Sandur Manganese & Iron Ores surged 91.1% to Rs 20.41 crore on 43.2% spurt in net sales to Rs 93.51 crore in Q3 December 2013 over Q3 December 2012.
Sandur Manganese & Iron Ores is engaged in the business of mining manganese and iron ore.
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