CRISIL Research has come out with its report on Electrosteel Castings. The research firm has maintained fair value estimate of Rs 58 per share and the valuation grade of 5/5.
Electrosteel Castings Ltd (Electrosteel) has entered into a joint venture (JV) with Singapore-based Dart Energy Ltd (Dart) for the degassing project of its captive coking coal mine at Parbatpur, located in the Jharia Basin in Jharkhand. Founded in 1976, Dart is an oil and gas exploration company listed on the Australian Securities Exchange (ASX). It is focussed on the development of coal bed methane (CBM) in Australia, China, India, Indonesia, Vietnam, the UK and Europe. Dart has earlier partnered with Tata Power, ONGC, GAIL and Oil India Ltd for CBM exploration and development projects in India. In the JV with Electrosteel, Dart will provide the technology and operate the project. We believe that this project will support the mining operations and the extracted CBM will also add to Electrosteel
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