Shares of Sarda Energy and Minerals Ltd were trading in the green and 2% higher on Tuesday, 19 August, after the company announced that it had been designated a successful bidder for Madhya Pradesh’s Senduri Coal Mine on a 9.5% revenue-sharing basis with the state government.

The mine has total geological reserves of 248.54 million tonnes of G9 (provisional) grade coal. Sarda Energy announced earlier this month that it is exploring increasing the size of its forthcoming power plant from 600 to 800 megawatts (MW).

While the property and essential infrastructure are in place, the corporation is still seeking environmental and other permissions. Its director and group CFO, PK Jain, stated that the project will take between two and a half and three years to complete, depending on the final capacity and delivery timeline.

In the June quarter, Sarda Energy’s topline climbed 76% to Rs 1,633.1 crore from the previous year, while EBITDA increased 137% to Rs 617.19 crore.

At 3:30 pm, the shares of Sarda Energy closed 1.85% higher at Rs 592 on NSE.

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