BackSarda Energy share price today jumps 14% after JV gets licence for iron ore block in Maharashtra
Sarda Energy Minerals share price jumped 14% after subsidiary secured a letter of intent for an iron ore block in Maharashtra. Analyst foresees a rise towards 245-260 levels.
PremiumSarda Energy and Minerals share price surged over 14% on Friday's session after Natural Resources Energy Pvt Ltd, its subsidiary joint venture company, obtained a letter of intent for a licence to operate an iron ore block in Maharashtra. Sarda Energy share price today opened at ₹204.15 apiece on BSE. Sarda Energy Mineral share price touched an intraday high of ₹223.55 and an intraday low of ₹201.40 per share.
Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, said that they are witnessing a price and volume breakout; the stock is up by 12%, and with positive indicators, it seems to be headed further higher in the near term; a possible 245–260 may be reached, and hence a dip may be recommended for buying; 210 is immediate support.
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The letter of intent for a composite licence for the Surjagad 1 Iron Ore Block in the state of Maharashtra, which covers an area of 1526 hectares and contains iron ore, was awarded to Natural Resources Energy Pvt Ltd, in which the company has a 51% economic interest, according to the company's exchange filing.
Sarda Energy and Minerals is a comprehensive manufacturer of long steel products, with a steel plant located in Raipur, Chhattisgarh. With production facilities in Raipur and Vizag, it is also a major manufacturer and exporter of ferro alloys. Through a number of special purpose vehicles (SPVs), it also has interests in the hydropower industry.
As per news reports, the company's consolidated net profit decreased by 10.13% to ₹117.16 crore in Q3 FY24 compared to Q3 FY23, despite a 1.25% increase in sales to ₹913.83 crore.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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