Sarda Energy & Minerals share surged nearly 13% to Rs 220.05 after the company informed that its subsidiary joint venture Natural Resources Energy has received a letter of intent for a composite license for the Surjagad-1 iron ore block located in Maharashtra state.
At 10:21 am, the shares were trading up by 12.88 percent at ₹220.80. The LoI has been issued by the Industry, Energy, Labour, and Mining Department, Government of Maharashtra.
Sarda Energy & Minerals has an integrated steel manufacturing facility with facilities for ferro alloys supported by a captive thermal power plant and is currently active in metal, mining, and power generation.
SPVs are involved in hydropower projects. Sarda Energy & Minerals’ consolidated net profit fell 10.13 percent to Rs 117.16 crore and net sales rose 1.25% to Rs 913.83 crore in Q3 FY24 compared to Q3 FY23.
