Indian Metals and Ferro Alloys Ltd Achieves 52-Week High Following ₹350 Crore Compensation Order

Indian Metals and Ferro Alloys Ltd Achieves 52-Week High Following ₹350 Crore Compensation Order Image By Mint

VoM News Desk | December 6, 2023 | 06:43 PM IST | Breaking News | Follow on Google News

Indian Metals and Ferro Alloys Ltd Achieves 52-Week High Following ₹350 Crore Compensation Order

Indian Metals and Ferro Alloys Ltd Achieves 52-Week High Following ₹350 Crore Compensation Order

Shares of Indian Metals and Ferro Alloys Ltd surged over 6%, reaching a 52-week high of ₹572 on the BSE. The leading ferro chrome producer received its final compensation order of over ₹350 crore from the Coal Ministry on December 6.

Market Performance and 52-Week High

Opening at ₹539.00 on Wednesday, the company’s shares witnessed a notable 6.12% increase, hitting the 52-week high of ₹572. This positive momentum follows the news of the substantial compensation received by the company from the Coal Ministry.

Compensation Order Details and Subsidiary’s Valuation

Indian Metals and Ferro Alloys Ltd announced that it would receive ₹352.9 crore in compensation from the coal ministry for its subsidiary, Utkal Coal Ltd. The compensation pertains to the valuation of Mine Infrastructure and is currently in progress. The Final Compensation Order, dated December 5, 2023, by the Ministry of Coal, Government of India, outlines the valuation of compensation for freehold and leasehold land related to Utkal Coal Mines.

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