Sarda Energy Minerals jumped 4.45% to Rs 801.35 after the mining company announced commencement of operations at Gare Palma IV/7 coal mine at Raigarh.
The mining company informed that it received all required approvals and subsequently started operations at Gare Palma IV/7 coal mines at Raigarh. The coal from the said mine shall be used for captive consumption as well as commercial sale.The Coal Washery is also ready for operations. The company said it has also received consent to operate the washery from Chhattisgarh Environment Conservation Board.
The vesting order for the mine was issued by the Central Government on 8 March 2021 and the Company has commenced production well before the time upto 7 March 2022 given for commencement of the production.
Sarda Energy & Minerals is a vertically integrated producer of steel with captive iron ore. The company is manufacturer and exporter of niche grade manganese based ferro alloys.
The company reported a 202% jump in consolidated net profit to Rs 255.59 crore on a 87.8% rise in net sales to Rs 1,019 crore in Q2 FY22 over Q2 FY21.
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