Indian Metals shares climb 14% as govt to pay Rs 417 crore in damages

Shares of Indian Metals & Ferro Alloys Ltd hit their 52-week high today after the company said it would receive Rs 417 crore in compensation from the coal ministry for its subsidiary Utkal Coal Ltd. Indian Metals stock surged 13.65% to Rs 443.65 against the previous close of Rs 390.35 on BSE. The stock opened flat at the same level today.

Total 0.94 lakh shares of Indian Metals changed hands amounting to a turnover of Rs 3.94 crore on BSE. Market cap of Indian Metals rose to Rs 2304.85 crore.

Shares of Indian Metals have risen 48.48 per cent in 2023 and climbed 67.13% in a year. The stock hit a 52-week low of Rs 221 on November 3, 2022.

Indian Metals shares have a beta of 1.1, indicating low volatility in a year.

In terms of technicals, the relative strength index (RSI) of the Indian Metals stock stands at 54.4, signaling it's trading neither in the overbought nor in the oversold zone. Indian Metals shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day, 150 day, 200 day moving averages

According to the coal ministry, it 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 asked to deposit this amount within seven days. The valuation for mine infrastructure compensation is still in progress, the company said.

On December 14, 2022, Indian Metals told the bourses 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.

Indian Metals and Ferro Alloys Limited is a producer of ferro chrome in India. It operates through three segments: Ferro Alloys, Power and Mining. The company has established two captive mines, located in Sukinda and Mahagiri in Jajpur, Odisha. The company has a captive power generation capacity of over 204.55 megawatts (MW) and solar power capacity of approximately 4.55 MW.

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