Monnet Ispat & Energy today said it has raised Rs 175 crore by issuing shares on preferential basis.

Monnet Ispat and Energy Ltd (MIEL), India’s second-largest coal-based sponge iron producer, is set to acquire majority stake in a coal mine in Colombia.

Steel and power producer Monnet Ispat and Energy's standalone net profit declined by 7.34% at Rs 71.29 crore in the second quarter of the current fiscal on higher finance costs and tax expenses.

At a time when the mining sector in Karnataka seems to be getting back on track, the steel sector faces another hurdle—pricing.

Monnet Ispat and Energy on Monday reported a nine per cent rise in net profit at Rs 83 crore for the fourth quarter ended March, 31, buoyed by an 22 per cent increase in total income.

Monnet Ispat and Energy today reported 4.08% rise in third quarter net profit at Rs 73.05 crore on increased revenue.

Steel-maker Monnet Ispat today said it will buy back shares worth up to Rs 100 crore from the open market at a price not exceeding Rs 500 per share.

Monnet Ispat has rallied 6% to Rs 380 in morning deals after its board approved the buyback of its own shares at a maximum price of Rs 500 a share.

Monnet Ispat has spurted 7% to Rs 368 on announcing buyback of its own equity shares.

Orchid Chemicals and Pharmaceuticals has tumbled 16% to Rs 114 on the back of huge volumes. The trading volumes on the counter have surged more than four times in today's session.

Monnet Ispat and Energy reported a net profit of Rs 76.94 crore for quarter ended September 2011, as compared to net profit of Rs65.60 crore for the same period last year.

Monnet Ispat & Energy (MIEL) today reported a marginal rise in its first quarter net profit at Rs 73.15 crore, driven by better prices of sponge iron, a raw material for steel making.

The company had achieved a net profit of Rs 72.4 crore for the same period in 2009-10, the company said in a filing to the Bombay Stock Exchange.

In a move to consolidate its coal linkages, Monnet Ispat and Energy, has completed the acquisition of Indonesia-based coal company – PT Sarwa Sembada Karya Bumi – for $24 mn earlier this week.

Monnet Ispat & Energy, flagship company of the Monnet Group, has bought a 65-million tonne coal mine in Indonesia for $24 million (Rs 290 crore). And, it is in talks to buy another coal mine, beside looking to set up power plants, in that country.

Monnet Global (MGL), a wholly owned subsidiary of Monnet Ispat and Energy, has acquired a 100 million tonne Indonesian coal company, PT Sarwa Sembada Karya Bumi at $24 million, the company said in a release.

Net sales of the company stood at Rs 420.38 crore for the quarter ended June 30, 2010, vis-a-vis Rs 356.15 crore in the first quarter of the previous fiscal, the company said in a filing to the stock exchanges.

Earlier this month, private equity major Blackstone took a 12.5 per cent stake in Monnet Power for Rs 275 crore.

Monnet Ispat is trading 9.5% higher at Rs 440 levels after the Blackstone Group bought a 12.5% stake for Rs 275 crore in its subsidiary Monnet Power Company Limited.

The Blackstone Group has secured 12.5 per cent stake for Rs 275 crore ($60 million) in Monnet Power Company Limited (MPCL).