52-week high alert in this multibagger stock: This small-cap company receives consent for expansion from Karnataka State Pollution Control Board!

The stock gave multibagger returns of 151.15 per cent from its 52-week low of Rs 655 per share.

Sandur Manganese & Iron Ores Ltd informed that the company received a grant of Environmental Clearance (EC) for an increase in Iron Ore production from 1.60 Million Tonnes Per Annum (MTPA) to 4.50 MTPA along with a proposed 7.0 MTPA Beneficiation Plant and a Downhill Conveyor System by Ministry of Environment, Forest & Climate Change (MoEFCC).

The company also informed that it has received Consent for Expansion (CFE) from Karnataka State Pollution Control Board (KSPCB), Bengaluru for the aforesaid expansion activities vide their Consent Order No. CTE-339450 dated September 4, 2023. The company will now obtain Consent for Operation (CFO) from KSPCB and then Maximum Permissible Annual Production (MPAP) from the monitoring committee to operate at the enhanced level.

On Tuesday, shares of Sandur Manganese & Iron Ores Ltd zoomed 2.94 per cent to Rs 1,589 per share with a spurt in volume in volume by more than 4 times on BSE. The stock also traded at a new 52-week high of Rs 1,645 per share.

Sandur Manganese & Iron Ores (SMIORE) is involved in the mining of low-phosphorous manganese and iron ore in the Hospet-Ballari region of Karnataka. The company has a market cap of over Rs 4,300 crore and has delivered good profit growth of 20 CAGR over the last 5 years.

The shares of the company have a PE of 15x, an ROE of 15 per cent and a ROCE of 18.4 per cent. The stock gave multibagger returns of 151.15 per cent from its 52-week low of Rs 655 per share. Investors should keep an eye on this Small-Cap stock.

Disclaimer: The article is for informational purposes only and not investment advice.