Shares of Sarda Energy & Minerals Ltd. rose 4%, reaching a day’s high of Rs 466.65 on 25th September, after the company announced it received 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 in Raipur for the expansion of its Gare Palma IV/7 Coal Mine, also known as the Karwahi Open Cast Coal Mine.

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

Last month, Torrent Power filed an appeal with the National Company Law Appellate Tribunal to challenge the National Company Law Tribunal’s decision approving Sarda Energy and Mining’s resolution plan for SKS Power Generation, which is struggling with debt.

The Mumbai bench of the NCLT recently approved Sarda Energy and Mining’s bid while dismissing several competing applications, including Torrent Power’s offer to acquire SKS Power Generation in Chhattisgarh.

Torrent Power raised concerns about the selection process, claiming it was discriminatory, and argued that it had offered the highest upfront payment. The company also requested a copy of the approved resolution plan, but the NCLT denied this request.

So far in 2024, Sarda Energy has surged 82%. The firm’s market capitalisation rose to Rs 16,320 crore.

At 12:49 PM, the shares of Sarda Energy were trading 4.70% higher at Rs 463.25 on NSE.

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