Indian Metals and Ferro alloys hits over 1-yr high on $50-mln compensation order

Indian Metals And Ferro Alloys

25/09/2023 09:13

** Shares of Indian Metals and Ferro Alloys  IMFA.NS  up as
much as 13.5% at 443.50 rupees, their highest since April 22,
2022
    ** Ferrochrome producer says India's coal ministry
determined valuation of compensation for free hold and lease
hold land at 4.17 bln rupees ($50.2 mln)
    ** Compensation payable to unit Utkal Coal Ltd 
    ** IMFA on track to rise for second straight session, if
gains hold 
    ** Over 1.8 mln shares change hands as of 01:23 p.m. IST,
10.7x the 30-day moving avg 
    ** Stock up ~65% YTD




($1 = 83.1050 Indian rupees)

 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))