Shares of Sandur Manganese and Iron Ore rose 11.3% to Rs 978 on the BSE in intraday trade on Thursday after the Central Empowerment Commission (CEC) allowed the company to boost manganese ore output to 582,000 tonnes from 286,000 tonnes. The stock was up 10.6% at Rs 971 per share at 10:40 am, while the benchmark S&P BSE Sensex rose 0.2%.

“It may be noted that the Company expects to obtain Consent to Operate from the Karnataka State Pollution Control Board and approval from the Monitoring Committee constituted in due course, and plans to commence operations at enhanced levels of production from the next financial year,” it said in an exchange filing.

Sandur manganese is one of India’s highly integrated and diversified commodity production companies, with more than six and a half years of experience in systematic, safe and scientific mining. Founded in 1954, the company has expanded from mining operations to producing ferroalloys, coke and energy, focusing on further downstream expansion and diversification.

The company reported total revenue of Rs 400.09 crore in the December quarter, down 20% from the Rs 498.45 crore written on December 31, 2021. The company’s net profit came in at Rs 41.24 crore, down 62% year-on-year from Rs 108.86 crore.