MIDWESTLTD

Jan 7 (Reuters) - Midwest Ltd MIDW.NS:

• BOARD APPROVES SUBSIDIARY INCORPORATION IN SIERRA LEONE

• EXPLORING OPPORTUNITIES TO EXPAND HMS RESERVES IN SUPPORT OF LONG- TERM GROWTH

Source text: ID:nBSE554PQw

Further company coverage: MIDW.NS

(([email protected];))

** Mining co Midwest's MIDW.NS stock rises 4% to record 1,693 rupees

** Brokerage Motilal Oswal initiates coverage on stock with "buy" rating, sets PT at 2,000 rupees

** Says co remains dominant black galaxy granite player, commanding nearly 64% of India’s granite export share in FY25

** Adds, co well-positioned to benefit from rising black galaxy export demand, domestic demand for absolute black granite

** Over FY25-28E, sees co's adj PAT to rise 56% CAGR

** MIDW up 48% since listing on Oct 24

(Reporting by Komal Salecha)

(([email protected];))

** India's mining company Midwest MIDW.NS rises as much as 11.7% to 1,190 rupees in debut trade

** Stock listed at 1,165 rupees vs issue price of 1,065 rupees

** The 4.51 billion rupee ($51.31 million) IPO was subscribed 87.89 times, with strong interest across investor categories

** Midwest, which has 20 mining leases and five processing units across India, gets 96% of its revenue from natural stone sales

** "Company has secured licenses to mine rare earth minerals, adding further potential to its growth prospects," Ventura Securities says

** Adds that the company also has plans for a quartz processing plant, which could make it a major player in the solar and semiconductor industries

** About 3.3 million shares traded so far on the day

($1 = 87.8950 Indian rupees)

(Reporting by Vivek Kumar M)

(([email protected];))