Multibagger Update: This small-cap minerals company receives a project for 33MW Solar Power Plant!
The net sales increased by 56.70 per cent and net profit skyrocketed by 329.39 per cent in Q4FY23 over Q4FY22.
SMIORE informed that in connection with entering into a Power Purchase Agreement and Share Subscription and Share Holders Agreement with Renew Energy Solutions Private Limited (ReNew) for the supply of renewable energy to the company and its associates and communication received by the Company from ReNew on June 13, 2023 and informed that 33 MW solar power plant and 3X3300 KW, 9.9 MW wind turbine generators with associated electrical equipment interconnecting the power with Karnataka Power Transmission Corporation Limited (KPTCL) grid has been successfully commissioned at Kudligi Taluk, Vijayanagara District, Karnataka State.
With the successful commissioning and injection of the above power into the grid, the objective of the rights issues as mentioned in the Letter of Offer dated July 21, 2022 i.e., the procurement of power at a cheaper cost to operate all the three existing furnaces of ferroalloy plant and other expansion activities at Vyasankere, Hosapete Taluk, Vijayanagara District, Karnataka State has been achieved.
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Sandur Manganese & Iron Ores Ltd (SMIORE) is involved in mining low-phosphorous manganese and iron ore in the Hospet-Ballari region of Karnataka. On Thursday, shares of the company ended the trading session in the green, up 0.64 per cent to Rs 1,294.60 per share with an intraday high of Rs 1,310.60 and an intraday low of Rs 1,282.
According to the financials, SMIORE has a market cap of Rs 3,500 crore with a 3-year CAGR of 90 per cent. The company reported positive numbers in its Quarterly Results and annual results. The net sales increased by 56.70 per cent and net profit skyrocketed by 329.39 per cent in Q4FY23 over Q4FY22.
The stock gave multibagger returns of 125 per cent in just 2 years and over 570 per cent in a span of 3 years. Investors should keep an eye on this small-cap minerals stock.