Sandur Manganese & Iron Ores Ltd Share Price – NSE /  BSE

Mining & Mineral products, Small Cap

The company will issue equity shares of face value Rs 10 each, in one or more tranches, for an aggregate amount not exceeding Rs 1,000 crore or an equivalent amount thereof, and at such price or prices as may be permissible under applicable laws.

The board has constituted and authorized QIP Committee of directors to decide on the terms and conditions of the issuance of equity shares and all related matters thereto.

The proposal is subject to receipt of approval of shareholders of the company and such other regulatory/ statutory approvals, as may be required.

Sandur Manganese & Iron Ores is the flagship company of the Karnataka-based Sandur Group. It is involved in mining of low phosphorous manganese and iron ore in the Hosapete-Ballari region of Karnataka. It also manufactures ferro-alloys (silico-manganese) at its plant in Vyasankare, near Hospet.

The company's consolidated net profit surged to Rs 144.49 crore in Q1 FY25 as against Rs 39.78 crore in Q1 FY24. Net sales jumped 66% YoY to Rs 601.67 crore in June 2024 quarter.

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Sandur Manganese & Iron Ores will hold a meeting of the Board of Directors of the Company on 16 September 2024.

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The EC permits iron ore production of 0.216 million tonnes per annum (MTPA) from the Ramghad mine. Existing manganese ore production of 0.05 MTPA will remain unchanged, with a total excavation of 1.297 MTPA including waste.

Additionally, the EC allows for the handling of 0.327 MT of previously stocked incidental iron ore within the first two years.

Sandur Manganese & Iron Ores is the flagship company of the Karnataka-based Sandur Group. It is involved in mining of low phosphorous manganese and iron ore in the Hosapete-Ballari region of Karnataka. It also manufactures ferro-alloys (silico-manganese) at its plant in Vyasankare, near Hospet.

The company's consolidated net profit declined 78.10% to Rs 9.07 crore on a 60.55% fall in sales to Rs 153.02 crore in Q3 FY24 over Q3 FY23.

The scrip slipped 3.21% to currently trade at Rs 490.85 on the BSE.

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Sandur Manganese & Iron Ores announced that Ministry of Environment, Forest and Climate Change (MoEFCC), Government of India has granted Environmental Clearance (EC) for the Company's Ramghad Manganese & Iron Ore Mines for Iron Ore production of 0.216 Million Tonnes Per Annum (MTPA) by retaining the existing Manganese Ore production of 0.05 MTPA involving total excavation of 1.297 MTPA inclusive of Waste along with handling of 0.327 MT of already stocked Incidental Iron Ore within first two years vide communication dated 1 September 2024.

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