JK Cement Ltd. has emerged as the successful bidder for the Mahan coal mine in Madhya Pradesh's Singrauli district, according to an exchange filing on Thursday.
The coal mine block has a total geological coal reserve of approximately 107.4 million tonnes, with a peak-rated capacity of 1.2 MT per annum. JKC emerged successful bidder under the commercial coal block e-auction held by the Ministry of Coal, it said.
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This is the second commercial coal mine block won by JKC after the West of Shahdol (South) coal block, the filing stated. "The company is committed to become self-reliant for its existing cement plants and upcoming projects."
Since the mine is a commercial one, the surplus coal produced from the coal mine may be gainfully disposed off. JKC received the vesting order from the ministry in a ceremony at Shastri Bhawan, New Delhi. This is a key date for adhering to the time schedule for commencing the mining operation, it said.
JK Cement's consolidated net profit declined 23% to Rs 136.2 crore in the second quarter of the current financial year from Rs 175.7 crore in the year-ago period. Revenue from operations slipped 7% to Rs 2,560.1 crore.
Shares of JK Cement closed 0.83% lower at Rs 4,580.70 apiece on the National Stock Exchange, compared to a 1.02% decline in the benchmark Nifty. The share price has risen 20.83% on a year-to-date basis.
Nineteen out of the 26 analysts tracking the company have a 'buy' rating on the stock, three recommend 'hold' and four suggest 'sell', according to Bloomberg data. The average of 12-month analysts price targets implies a potential upside of 3.2%.
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