News for Deccan Gold Mines Limited (DECNGOLD.BO)

Deccan Gold Mines Ltd. on Thursday reported widening of consolidated loss to Rs 68 crore for the quarter ended March 31, 2024. The company had posted a loss of Rs 90 lakh in the year-ago period, DGML said in a filing to BSE. Income from operations in the quarter was Rs 3.2 crore as against Rs 9 lakh in the year-ago period.

Bengaluru's equity markets open higher, Nifty 50 at 21,836.30, Sensex at 72,138.57; sectoral indices mixed, stocks fluctuate.

There were pending sell orders of 206,183 shares, with no buyers available.

Deccan Gold Mines Ltd is set to begin full-scale production at its Jonnagiri gold project in Andhra Pradesh by the end of next year. The mine, which is the country's first large private gold mine, is expected to produce about 750 kilograms of gold per year. The company has invested around Rs 200 crore in the project so far and is currently producing about one kilogram of gold per month.

Deccan Gold Mines Ltd plans to infuse ₹60 crore of equity capital into Geomysore Services India Pvt Ltd for its Jonnagiri Gold Mining Project in Andhra Pradesh. The company aims to expand its operations globally and has witnessed a strong stock rally in 2023. The funds will be used for land acquisition, equipment, and civil work for the processing plant. DGML also completed the acquisition of a stake in Geomysore Services and has approved acquisitions in Kyrgyzstan and Finland through share swaps.

Deccan Gold Mines Ltd, Brightcom Group, Naukri Internet Services, SoftTech Engineers, Hikal Ltd, SJVN Ltd, Lupin, Power Finance Corp, Aurobindo Pharma, Biocon, Arunachal Pradesh, Aarti Drugs, Trident, GNA Axles, Jaykay Enterprises, Equipp Social Impact Tech & SenecaGlobal form JV, & Results Calendar: Companies infuse Rs 60 cr, partner w/ LoopMe, invest Rs 20 cr, ink MoU, receive LOI, receive USFDA approval, USFDA inspects, granted patent, allot Subansiri & Kamala HE Projects, buyback of 6.65 lakh shares, issue bonus & dividend, incorporate WOS, & Results Calendar.

Those acquisitions follow other deals in the past year, including a partnership with UAEs AK Corp. for a processing plant, and a stake in Geomysore Services (India) that secured the license for a gold mine in Andhra Pradesh state.

The conversion price for share swap would be ₹53.47 a share, Deccan Gold said.