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News Topical, Digital Desk : Shares of Sarda Energy & Minerals saw a strong rally on Friday, February 27. The company's shares rose nearly 8% after the Supreme Court dismissed the unsuccessful bidders' petition to acquire SKS Power. The petition was filed by Torrent Power, Jindal Power and Vantage Point Asset Management, challenging Sarda Energy's victory in the bidding process for SKS Power. Following this Supreme Court decision, the last legal hurdle facing Sarda Energy in acquiring SKS Power has been removed. It is believed that this deal will reduce cyclicality in the company's business and strengthen its presence in the power sector.
Shares surged following the news, reaching ₹561 intraday. At around 1:10 pm, the stock was trading 6.4% higher at ₹551.95. Over the past month, the stock has gained approximately 15.8%. However, the company's third quarter (Q3) results were weak . Net profit declined 3.55% to ₹190.4 crore, compared to ₹197.4 crore in the same period last year. Revenue declined 3.3% to ₹1,276 crore, compared to ₹1,319 crore last year. EBITDA fell 15.7% to ₹310.8 crore. EBITDA margin also declined to 24.36%, from 27.95% a year ago. Experts believe the company's future prospects look brighter with the legal hurdles being removed, although recent quarterly results have shown pressure.
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