Monnet Ispat & Energy Limited
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BSE Code:
513446
NSE Code:
MONNETISPA
Business Profile
Business Profile
Monnet Ispat & Energy formerly known as Monnet Ispat managed by the Monnet group was promoted jointly by Sandeep Jajodia and Jindal Strips in 1990. The company supplies and manufactures sponge iron, char and M S ignots, power generation and ferro alloys. It also has a coal mining division. Monnet is based at New Delhi, India.
The Monnet story started with the commissioning of 0.1 million tone per annum (TPA) sponge iron plant, set up at one-fourth of the cost required for similar plants. With the addition of a second rotary kiln, Monnet had ensured augmentation of a capacity to 0.23 million TPA, additionally two rotary kilns were commissioned. Monnet currently produces 0.3 million TPA of sponge iron; over 0.3 million TPA of steel, ferro alloys, coal mining aided by captive power generation.
Monnet has signed a MoU with the Chhattisgarh State Industrial Development Corporation (CSIDC), an investment agency of the Government of Chhattisgarh, for undertaking steel and allied projects in Raipur and Raigarh, upto a proposed investment of Rs. 11.6 billion. Monnet plans to expand its business at Raigarh (Chattisgarh), in the future. This new sponge iron plant will have a capacity of 0.5 million TPA.
Financials
The company reported a decline in standalone net profit for the quarter ended December 2008. During the quarter, the profit of the company declined 0.48% to Rs 335 million from Rs 336.60 million in the same quarter last year. Net sales for the quarter rose 38.83% to Rs 4,000.80 million, while total income for the quarter rose 36.03% to Rs 3,984.90 million, when compared with the prior year period. It reported earnings of Rs 6.81 a share during the quarter, registering 15.19% decline over previous year period.
Recent Developments
19-MAY-09
The company has decided to close the buy-back offer of its fully paid-up equity shares of the face value of Rs 10 each with effect from May 22, 2009, subject to completion of all necessary statutory and regulatory requirements.