Shares of Indian Metals & Ferro Alloys shot up on Monday afternoon going up over 13% to hit a new 52-week high of ₹443.50.
What Happened: The company on Monday announced that the Ministry of Coal, Government of India has determined the valuation of compensation of freehold and leasehold land pertaining to Utkal ‘C’
Coal Mines at ₹416.70 crore. The compensation would be paid to the company’s subsidiary Utkal Coal Ltd.
The new successful allottee has been directed to deposit the amount within 7 days of the receipt of the order in the designated account of the Ministry of Coal, Government of India, the company informed in an exchange filing.
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Last year, the company received ₹20.69 crore towards reimbursement of statutory expenses from the Ministry of Coal for its Utkal ‘C’ coal block.
The company added that the compensation towards the valuation of mine infrastructure is under
progress.
Price Action: Indian Metals & Ferro Alloys’ share price was up 10.65% to trade at ₹432.25 in the late hours of trading on Monday. Mukul Agrawal owns a 1.44% stake in the company.
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