MUMBAI (Commodity Online): Hyderabad-based leading infrastructure company Madhucon Projects Ltd (BOM:531497) jumped on the bourses by over 6% after the company’s subsidiary, PT Madhucon Indonesia was granted a new coal mining license for exploration of 30,970 hectares in South Sumatra in Indonesia.

The company made the announcement after trading hours on Monday, 15 March 2010. Company stocks gained close to 6.5% on the Bombay Stock Exchange (BSE) to Rs.158.15 in the morning trading session on Tuesday.

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The company would employ various agencies for environment impact analysis, coal exploration analysis and other necessary clearances. It is estimated that the clearance for upgrading IUP exploration to IUP exploration and production shall be obtained in the next 3 and half years to 4 years.

In the intra-day trades, the stock hit a high of Rs.163.90 and a low of Rs.155 so far during the day. The company is already operating a coal mine of 10,000 hectares at Dawas in South Sumatra, it said on Monday, 15 March 2010.
Madhucon Projects' net profit fell 21.5% to Rs.10.88 crore on 86.3% rise in sales to Rs.280.26 crore in Q3 December 2009 over Q3 December 2008.

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