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New Delhi, Oct. 26 Monnet Ispat and Energy Ltd (MIEL) has reported a net profit of Rs 62.01 crore for the second quarter of the current fiscal as against Rs 36.78 crore in the same quarter last fiscal marking an increase of 68.6 per cent. Total sales stood at Rs 399.7 crore, up 54.7 per cent compared with Rs 258.31 crore in the corresponding quarter last year, the company said in a release. According to the Vice-Chairman and Managing Director of the company, Mr Sandeep Jajodia, "in the coming years, the company will be more focused on the energy business than steel." The company has also announced buy back of shares up to a maximum of Rs 300 a share and has earmarked Rs 75 crore for the exercise. Simultaneously the company has also decided to set up a 1.2 million tonnes a year pelletisation/benefication plant for iron ore with additional 75 MW power generation capacity along with its ongoing projects in Raigarh, the release added. - Our Bureau

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