Indian Metals & Ferro Alloys zooms 12% as govt vows to pay Rs 417-cr damages

In December 2022, Indian Metals had notified the exchanges that its subsidiary, Utkal Coal Ltd, received Rs 20.69 crore in compensation from the Ministry of Coal for statutory expenses related to the Utkal ‘C’ coal block, following the issuance of its vesting order to the new allottee.

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Shares of Indian Metals & Ferro Alloys Ltd zoomed over 12 percent to a near-two-year high after the company announced it would receive Rs 417 crore in compensation from the coal ministry for its subsidiary Utkal Coal Ltd.

The stock hit a high of Rs 428 a share – a level last seen in December 2021. At 1pm, the stock was trading at Rs 427 a share on the BSE, up 10 percent from its previous close. It rallied over 62 percent so far this year.

The coal ministry has assessed compensation for land related to Utkal ‘C’ coal mines at Rs 416.71 crore, payable to Utkal Coal Ltd. The Successful allottee has been instructed to deposit this amount within seven days. The valuation for mine infrastructure compensation is still in progress, the company said.

In December 2022, Indian Metals notified exchanges that Utkal Coal had received Rs 20.69 crore in compensation from the coal ministry for statutory expenses related to the Utkal ‘C’ block, following the issuance of its vesting order to the new allottee.

In the June quarter, the firm reported a revenue of Rs 701 crore as against Rs 743.42 crore a year ago. Net profit for the quarter stood at Rs 110.39 crore as against Rs 134.08 crore last year.