Kolkata July 10th. Gujarat NRE Coke, the country's largest producer of Low Ash Metallurgical Coke and the only listed company in the segment is in the news these days - for a spate of positives emanating from the entity. The company has been ranked third in the list of best performing mid sized company (Rs 100 - 500 crore category) in India by the Business World Magazine.
"Doing Better" seems to be the new mantra in the Gujarat NRE group. The company's Australian flagship - India NRE Minerals Limited (INR.AX), which just finished its successfully oversubscribed IPO has also been listed in the ASX today. Here too, the company is soaring high. The Market debutant opened at a 10 percent premium to the issue price of Aus $ 0.50. India NRE, which owns and operates a coal mine in New South Wales, Australia, is also one of the first instances of Indian retail shareholders taking part in an overseas IPO and was keenly awaited in India.
"The fact that the scrip has opened at a premium on listing is a hugely satisfying news to us - not only as a part of the NRE family, but also as Indians" said Mr Arun Kumar Jagatramka, Vice Chairman and Managing Director of the Company" while the money raised will go to the creation and strengthening of the mining infrastructure as was stated in the offer documents, the pride and honour that this premium has accorded is something that we will cherish forever. I would personally like to view this premium as a mark of confidence reposed on us by the investing fraternity in Australia. For a debutant to open at a premium, that too, in the backdrop of a falling market is indeed a matter of honour."