Sarda Energy Shares Rise After Arm Secures Iron Ore Block In Maharashtra
Natural Resources Energy, the JV arm in which the company holds a 51% stake, has received the letter of intent from the Industry, Energy, Labour, and Mining Department of the Maharashtra government.
Shares of Sarda Energy & Minerals Ltd. jumped over 14% on Friday after its joint venture subsidiary got a licence for Surjagad iron ore block in Maharashtra.
Natural Resources Energy Pvt., the joint venture subsidiary in which the company holds a 51% stake, has received the letter of intent from the Industry, Energy, Labour, and Mining Department of the Maharashtra government, according to an exchange filing.
Shares of the company rose as much as 14.19%, the highest level since Feb. 23, before paring gains to trade 12.88% higher at 10:10 a.m. This compares to a 0.09% decline in the NSE Nifty 50.
The stock has risen 118.7% in past 12 months. Total traded volume so far in the day stood at 48 times its 30-day average. The relative strength index was at 56.37.
