India's Sarda Energy jumps on getting LoA for SECL mine operation

Sarda Energy & Minerals

23/02/2023 04:32

** Shares of Sharda Energy and Minerals Ltd  SAEM.NS  rise
as much as 4.7% to 1,144.40 rupees, their highest level since
Jan. 20
    ** Shares post their biggest intraday pct gain since Feb. 10
    ** Co said on Wednesday that it was declared as the
successful bidder for coal mine operation 
    ** South Eastern Coalfields Ltd (SECL) issued a Letter of
Acceptance (LoA) to SAEM for its bid for re-opening, development
and operation of Kalyani underground mines in Chhattisgarh
    ** LoA on revenue sharing of 4.5% basis
    ** Stock continues to stay above its 50-,100- and 200-day
moving simple averages
    ** Stock up 4.9% so far this year, up to last close
 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))