Shares of Sarda Energy and Minerals are trading with gains of over 13% on Friday, marking their biggest single-day gain since June 2021.
The move comes after Sarda's subsidiary Joint Venture Commpany, Natural Resources Energy Pvt. Ltd. was awarded the Letter of Intent for composite license by the Industry, Energy, Labour and Mining department of the Maharashtra government.
This LoI pertains to the Surjagad 1 Iron Ore block in Maharashtra for iron ore, spread across an area of 1,526 hectare.
Sarda Energy has a 51% economic interest in Natural Resources Energy Pvt. Ltd.
This surge has also turned Sarda Energy's shares positive for the week. The stock is now up 10% on a weekly basis, which is likely to be the best week the stock has had since August last year.
Shares of Sarda Energy are trading 13% higher at ₹221.30. The stock has risen 117% over the last 12 months.
The stock had declined 14.5% in February and another 1.1% in January this year. The stock had risen 143% in 2023.
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