Sarda Energy wins bid for coal mine in Madhya Pradesh on revenue sharing with state; Stock rises 3%

Shares of Sarda Energy and Minerals Ltd. gained on Tuesday, August 19, after the company said it has been declared a successful bidder for Senduri Coal Mine in Madhya Pradesh on a 9.5% revenue sharing basis with the state government.The mine has total geological reserves of 248.54 million tonne of G9 (provisional) grade of coal.

Earlier this month, Sarda Energy said it is considering scaling its upcoming power project from the previously planned 600 MW to 800 MW.

While the land and basic infrastructure are in place, the company is still in the process of securing the necessary environmental and other approvals. Its director and group CFO PK Jain said it will take around two-and-a-half to three years to complete the project, depending on the final capacity and its delivery timelines.Sarda Energy reported a 76% growth in its topline in the June quarter at ₹1,633.1 crore from the previous year, while its EBITDA increased 137% to ₹617.19 crore from the year-ago period.

Shares of Sarda Energy gained nearly 2.9% to hit an intraday high of ₹598 apiece on Tuesday. The stock was 1.6% at ₹586.45 apiece around 12.45 pm. It has gained 31% in the past month.