Kirloskar Ferrous Industries rose 1.16% to Rs 161.15 after the company was declared as 'preferred bidder' in e-auction of Bharath Mines & Minerals based on highest final price offer submitted by the company.
The company said it entered into the mining lease deed with the Government of Karnataka, Department of Mines and Geology for the aforesaid mine to conduct mining operations for a period of 50 years.Operations of the mine have commenced from 24 March 2021 and will continue till 5 April 2021 in accordance with the validity of the forest clearance approval received from the Government of Karnataka.
The company said that it is in process to obtain necessary approvals/permissions for renewal of validity of the forest clearance beyond 5 April 2021 and the update will be given upon receipt of the renewal of forest clearance.
Kirloskar Ferrous Industries' principal activity is to manufacture and supply iron castings. On a consolidated basis, the company posted a 95.7% jump in net profit to Rs 12.84 crore on a 32.4% rise in net sales to Rs 81.81 crore in Q3 FY21 over Q3 FY20.
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