Scripscan:Sandur Manganese & Iron Ores Ltd
cmp:440
Code:504918
Story:The Sandur Manganese & Iron Ores Limited engages in mining low phosphorous manganese and iron ores. It also provides facilities for the production of ferroalloys and management of hydro-electric power generation. Sandur Manganese & Iron Ore is India's second largest manganese ore miner and also operates a ferro-alloys plant with almost all its 2,000-acre mining land in Karnataka. The company benefited from the improved pricing scenario in FY11 although its sales volumes dipped on export ban in Karnataka, high freight costs and 20% export duty imposed on iron ore. The company's June 2011 quarter numbers were hit by Supreme Court's blanket ban on mining activity in Karnataka. This factor is likely to weigh on its overall performance of FY12 like other mining companies and could make it difficult to maintain its position in the list next year.Sell it on rallies.
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