On Monday, the small-cap stock rose 18 percent to a new 52-week high of Rs 2,265 apiece from the previous close of Rs 1,920.90 after the Asia index decided to include the company in the BSE Energy Index.
The Asia Index has decided to include Sandur Manganese & Iron Ores Ltd in the BSE Energy Index with effect from December 18, according to the media report.
Additionally, Sandur Manganese and Iron Ores Ltd informed the exchanges that it will consider issuing bonus shares at its board meeting on December 18.
According to market data, this will be the company’s first-ever bonus share issuance. Based on the information that is available on the exchanges, the company has distributed dividends totaling Rs 66 per share thus far.
According to the Sandur Manganese and Iron Ores Ltd report, the net revenue decreased by 61 percent year over year, from Rs 478.5 crore in Q2FY23 to Rs 184.81 crore in Q2FY24. In addition, the net profit increased by 23 percent year over year, from a net profit of Rs 21.88 crore in Q2FY23 to a net loss of Rs 26.98 crore in Q2FY24.
Sandur Manganese and Iron Ores Ltd is a small-cap stock with a market capitalization of Rs 6,021 crores. The share price has risen by 43 percent since it was listed on the stock exchange.
The Company has a low debt-to-equity ratio of 0.11, a return on equity of 20 percent, a return on capital employed of 27 percent with a net profit margin of Rs 12 percent.
The company’s promoters hold a 74.25 percent share in the company, 24.77 percent held by the general public, the foreign institutional investors hold 0.33 percent and the domestic institutional investors hold 0.65 percent.
Sandur Manganese & Iron Ores (SMIORE) mines low-phosphorous manganese and iron ore in Karnataka’s Hospet-Ballari region. It is the flagship company of the Sandur group, which was founded by the former ruler of Sandur’s princely state. It is Karnataka’s fifth-largest iron ore miner and India’s largest private manganese ore miner.
Written by Sriram KV
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