Sandur Manganese & Iron Ores fell 3.13% to Rs 602 at 10:00 IST on BSE after the company said it suspended its mining operations after mining leases expired on 31 December 2013.
The company made the announcement before trading hours today, 2 January 2014.
Meanwhile, the BSE Sensex was up 158.92 points, or 0.75%, to 21,299.40.
On BSE, so far 9,870 shares were traded in the counter, compared with an average volume of 12,300 shares in the past one quarter.
The stock hit a high of Rs 612.20 and a low of Rs 589.90 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 1 January 2014, sliding 0.46% compared with the Sensex's 1.68% rise. The scrip had, however, outperformed the market in past one quarter, rising 26.49% as against Sensex's 8.32% rise.
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The small-cap company has an equity capital of Rs 8.75 crore. Face value per share is Rs 10.
Sandur Manganese & Iron Ores said its mining leases, which were effective for a period of 20 years starting from 1 January 1994, expired on 31 December 2013. The company said that it had applied for its renewal more than 12 months prior to its expiry.
However, the Forest Department has directed suspension of the company's mining operations with effect from 1 January 2014. Accordingly, the company has suspended all activities in its mines and efforts are being made to obtain orders for resumption of operations, the company said.
Net profit of Sandur Manganese & Iron Ores surged 681.55% to Rs 13.13 crore on 176.16% spurt in net sales to Rs 79.70 crore in Q2 September 2013 over Q2 September 2012.
Sandur Manganese & Iron Ores is engaged in the business of mining manganese and iron ore.
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