According to GD Mundra, Director, Sarda Energy, the whole exercise of coal block auction by the government was not focused on generating revenue but availability of coal.
GD Mundra, Director, Sarda Energy in an interview to CNBC-TV18 said with their company now coming under the power category according to the approach paper for coal auction released by the coal ministry, the bid price of Rs 150 per tonne sounds very reasonable. He does not expect aggressive competition at this price point.
The approach paper states there would be two methods of bidding for auction of coal blocks – one, forward bidding for unregulated sectors like steel, cement and captive power where Rs 150 will be the floor price for bidding. Two, reserve bidding for specified end use for power generation where Rs 100 per tonne will be the floor price.
There is unlikely to be aggressive bidding mainly because the bidding will be done as per requirements and will be done only for particular mines.
According to him the whole exercise of coal block auction by the government was not focused on generating revenue but availability of coal.
The company's mines had total reserves of 56 million per tonne out of which only 4 million tonne has been mined, says Mundra.
more to come
Sarda Energy stock price
On December 18, 2014, at 14:15 hrs Sarda Energy and Minerals was quoting at Rs 195.70, up Rs 16.50, or 9.21 percent. The 52-week high of the share was Rs 402.60 and the 52-week low was Rs 94.50.
The company's trailing 12-month (TTM) EPS was at Rs 16.83 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 11.63. The latest book value of the company is Rs 273.98 per share. At current value, the price-to-book value of the company is 0.71.
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