On Wednesday’s early-day trade, the Share’s of the largest manganese ore producer jumped 4 percent to a 52-week high price of Rs 1,675 per after the company received permission from the Karnataka State Pollution Control Board to expand plant capacity.
At 12:45 p.m.,Sandur Manganese and Iron Ores Ltd shares were trading at Rs 1,632.95 a share on the National Stock Exchange, up Rs 29 or 1.81 percent and the company has a market capitalization of Rs 4,391 crores.
According to company’s exchange filing,The company received Consent for Expansion (CFE) from the Karnataka State Pollution Control Board (KSPCB) in Bengaluru for the expansion / increase in Iron Ore production from 1.60 MTPA to 4.50 MTPA, along with proposed 7.0 MTPA Beneficiation Plant and a Downhill Conveyor System.
For the most recent fiscal year, the company reported a net profit margin of 12.74 percent and an operating margin of 18.21 percent, while the company’s debt-to-equity ratio is 0.11.
Company’s revenue declined by 44 percent year on year,from Rs 651 crore in Q1FY23 to Rs 362 crore in Q1FY24. Net profit increased by 18 percent within the same period, from Rs 33 crore to Rs 39 crore.
Sandur Manganese and Iron Ores shares have delivered 63 percent return in the last six months and 79 percent in a year. As per latest shareholding pattern,the promoters own 74.3 percent of the company, while retail investors own 24.63 percent stake.
Sandur Manganese & Iron Ores is involved in mining of low phosphorous manganese and iron ore.And company is the fifth-largest iron ore miner in Karnataka and the largest private miner of manganese ore in India.
Written by Omkar Chitnis
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