Monnet Ispat & Energy surged 10.14% to Rs 72.25 at 10:42 IST on BSE after the company's subsidiary won the Utkal-C coal block yesterday, 9 March 2015.
Meanwhile, the S&P BSE Sensex was up 45.67 points or 0.16% at 28,890.45
On BSE, so far 6.23 lakh shares were traded in the counter as against average daily volume of 1.09 shares in the past one quarter.
The stock hit a high of Rs 74.60 and a low of Rs 68.25 so far during the day. The stock had hit a 52-week high of Rs 161.55 on 27 May 2014. The stock had hit a 52-week low of Rs 54.30 on 18 February 2015.
The small-cap company has equity capital of Rs 65.83 crore. Face value per share is Rs 10.
Monnet Ispat & Energy's subsidiary Monnet Power Company won the Utkal-C coal block in Orissa for Rs 770 per tonne, according to the results of e-Auction for Schedule III coal mines announced by the Ministry of Coal held yesterday, 9 March 2015. The Utkal-C coal block has a total extractable reserve of 123.86 million tonnes and was earlier allotted to Utkal Coal.
The coal ministry has started auctioning coal blocks after the Supreme Court in September last year cancelled the allocation of more than 200 coal mines allotted between 1993 and 2010 after ruling that they were arbitrary and illegal.
Monnet Ispat & Energy reported a net loss of Rs 242.81 crore in Q3 December 2014 compared with net profit of Rs 46.91 crore in Q3 December 2013. Net sales rose 19.6% to Rs 765.30 crore in Q3 December 2014 over Q3 December 2013.
Monnet Ispat's principal activities include manufacturing and marketing of sponge iron, steel and ferro alloys. It is also engaged in mining of mineral assets like coal and iron ore and is also involved in the generation of power for captive consumption.
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