Electrosteel Castings Ltd receives final compensation order in Parbatpur Coal Mine matter

Electrosteel Castings Limited has received a Final Compensation Order (Partial) from the Nominated Authority, Ministry of Coal, Government of India, in respect of compensation towards GR cost and hard cost components of Shafts and Inclines, of Parbatpur Coal Mine.

Kindly note that though this is termed 'Final Compensation Order', only two aspects from the Provisional Compensation Order (i.e. GR cost and Hard Cost component of Shafts and Inclines) have been decided herein, while two aspects from the Provisional Compensation Order (i.e. Land and Soft Cost components of Shafts and Inclines) are left open, to be decided subsequently by the Nominated Authority, Ministry of Coal.

The Final Compensation of Rs. 253.04 Crores for these components, will have a material impact on the financials of the Company. However, the final determination of the total amount w.r.t. Land and soft cost components of Shafts and Inclines is still pending. Additionally, an amount of Rs. 34.56 Crores claimed towards preparation of updated GR, has been left to be mutually settled between JSW and ECL, after verification by CMPDI.

The total quantum of claims is Rs. 287.60 Crores in respect of compensation of GR cost and hard cost components of Shafts and Inclines. However, the final determination of the total amount w.r.t. Land and soft cost components of Shafts and Inclines, is still pending.

Shares of Electrosteel Castings Limited was last trading in BSE at Rs. 75.33 as compared to the previous close of Rs. 76.91. The total number of shares traded during the day was 235224 in over 2327 trades.

The stock hit an intraday high of Rs. 78.08 and intraday low of 75.00. The net turnover during the day was Rs. 17897770.00.

Source : Equity Bulls

Keywords

ElectrosteelCastings INE086A01029 FinalCompensation ParbatpurCoalMine