Home / Business / Money / Coal mining cost low from Gare Palma IV/7: Monnet Ispat

Coal mining cost low from Gare Palma IV/7: Monnet Ispat

Gare Palma IV-7 mine in Chhattisgarh, earmarked for the non-power sector, was the most sought after one in the current lot put on auction in the first tranche.

Sandeep Jajodia, CMD, Monnet Ispat

While accepting that the company got the Gare Palma IV/7 coal block relatively expensive, Sandeep Jajodia, chairman and managing director,  Monnet Ispat says it was important that the company run the plant than shut it altogether.

Speaking to CNBC-TV18, Jajodia says the mining cost of the Gare Palma IV/7 block is relatively low and hence, is a good buy for the company.

Read: Monnet Ispat & Energy wins coal block in Chattisgarh

Furthermore, he says the logistics will not be an issue at all as the company previously owned the block right night to GP IV/7.

“The block is also just 55 km away from the end-use plant, so it’s a good buy for us,” he adds.

Transcript to follow soon.

Monnet Ispat stock price

On February 23, 2015, at 13:11 hrs Monnet Ispat was quoting at Rs 63.40, up Rs 7.35, or 13.11 percent. The 52-week high of the share was Rs 161.55 and the 52-week low was Rs 54.30.

The latest book value of the company is Rs 404.80 per share. At current value, the price-to-book value of the company was 0.16.


Check Also

Rupee recovers 6 paise to 67.01

The rupee today recovered some lost ground by rising 6 paise to ...

Notes ban to have positive impact on economy

NEW DELHI: The government’s demonetisation move has led to widespread adoption of ...