Sarda Energy stock rises 4% on securing approval to expand coal production

Over the past year, Sarda Energy shares surged over 100 percent, more than doubling investors' capital.

Sarda Energy and Minerals shares gained almost four percent in trade after receiving approval to expand its coal production from 1.44 million tons per annum (MTPA) to 1.68 MTPA.

In a filing with the exchanges, Sarda Energy announced that it has received approval from the Chhattisgarh Environment Conservation Board, Raipur, for the expansion of its Gare Palma IV/7 Coal Mine (Karwahi Open Cast Coal Mine).

This approval allows Sarda Energy to increase the mine's production capacity from 1.44 million tons per annum (MTPA) to 1.68 MTPA.

At 9.50 am, Sarda Energy shares were quoting Rs 453.9 on the NSE, higher by 2.6 percent from the previous close.

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Last month, Torrent Power approached the National Company Law Appellate Tribunal (NCLAT) to contest the National Company Law Tribunal's (NCLT) decision approving Sarda Energy and Mining's resolution plan for the debt-laden SKS Power Generation.

The Mumbai bench of the NCLT recently cleared Sarda Energy and Mining's bid, dismissing several competing applications, including Torrent Power's offer to acquire SKS Power Generation (Chhattisgarh).

Torrent Power had raised concerns about the selection process, calling it discriminatory, and argued that it had submitted the highest upfront payment. The company also requested a copy of the approved resolution plan, which the NCLT denied.

Over the past year, Sarda Energy shares surged over 100 percent, more than doubling investors' capital. In comparison, the headline Nifty 50 index surged 31 percent during the same time period.

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