Sandur Manganese rises 8.5%

about 5 years ago
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Sandur Manganese is shining bright today morning. The stock price rose 8.5% to Rs.1123.95. The high point of this month is Rs.1268.25. Its 52-week high is at Rs.1469.50.

The company, which makes pig iron and ferro manganese had announced on Friday that production of its manganese ore in a mining lease has been enhanced from 7400 to 32,000 tonne per annum. This almost 4.5 times rise in capacity is sure to reflect in the company’s earnings in FY19.

Sandur Manganese and Iron Ore is the flagship company of the Karnataka-based Sandur Group and has its mine in Hospet-Bellari region of Karnataka. For H1FY18, company had posted stellar earnings with Income of Rs. 279 cr against Rs. 173 cr (up 61%) and PAT of Rs. 47 cr against Rs. 14 cr, rising by more than 3 times and leading to an EPS of Rs. 51.57 for H1FY18.

Sandur has a virtually debt free balance-sheet with Cash Eqv of Rs. 300 cr or Rs. 345 per share. Company is also undertaking expansion of Rs. 850 crore towards enhancement of mining infrastructure and establishment of a new coke oven facility.

On 22nd Jan’18, in our Market Whisper column, we had urged subscribers to buy the stock, quoted then at Rs.1350, setting a target of Rs.1499 in 3 months.

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