CafeStocks MarketUpdate

Sandur Manganese & Iron Ores is currently trading at Rs 610.95, up by 53.40 points or 9.58% from its previous closing of Rs 557.55 on the BSE.

The scrip opened at Rs 570 and has touched a high and low of Rs 620 and Rs 570 respectively. So far 39,579 shares were traded on the counter.

The BSE group ‘B’ stock of face value Rs 10 has touched a 52 week high of Rs 782.80 on 20-Jan-2010 and a 52 week low of Rs 277.30 on 04-Aug-2009.

Last one week high and low of the scrip stood at Rs 620 and Rs 543.05 respectively. The current market cap of the company is Rs 514.50 crore.

The promoters holding in the company stood at 74.36% while Institutions and Non-Institutions held 2.52% and 23.12% respectively.

Other peer group companies were NMDC up by 0.56%, Ashapura Mine up by 0.56% and Kutch Salt up by 4.96%.

Sandur Manganese and Iron Ores??? board has taken on record the in-principle approvals received from the Government of Karnataka (GoK) for setting up of a 2.5 lakh tonne per year medium sized special alloy steel plant, iron ore beneficiation plant of an optimum feed capacity of 1.7 million tonne of Run of Mines and a Ropeway over a length of 4 km from Mines to Railway siding.

Further, the board has taken note of the allotment of 75 lakh fully paid equity shares of Rs 10 each at a premium of Rs 10 per share aggregating to Rs 15 crore made by Star Metallics and Power (SMPPL), a subsidiary of the company. With this allotment the company holds 3.25 crore equity shares constituting 74.29% of SMPPL’s paid up equity share capital.

Sandur Manganese and Iron Ores is based in Sandur, India. It is engaged in manufacturing of manganese ore, ferrosilicon, ferro manganese, pig iron and silica manganese.

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