Rohit Ferro gets going

Rohit Ferro is up and about today. The stock is up currently almost 3% at Rs.13.80 and this is after it hit the upper circuit at Rs.14.11. Its 52-week high is at Rs.35.

The stock has spurted up on good news coming from its Indonesian mining unit - Pt Bara Prima Mandiri (BPM). This is a Coking Coal mine located in Central Kalimantan Province of Indonesia owned by the company through its wholly owned subsidiary M/s. SKP Overseas Pte., Singapore and it has started commercial sales on November 19, 2013 by shipping its first cargo to China.

The company is in the process of finalising one of the largest mining contractors in Indonesia for expanding the production to reach at the optimum production capacity by March, 2014. The company has targeted to produce approx. 500000 MT of Coking Coal per year from the open cast reserves. Considering the huge potential in underground mining the company is also doing a further techno-commercial study to enhance the capacity in coming years.