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The electronic and magnetic properties of Sr$_2$CoO$_4$ compound have beenstudied using $\emph{ab initio}$ electronic structure calculations. As opposedto GGA calculation, which gives ferromagnetic metallic solution, GGA+$U$calculations provide two kind of ferromagnetic solutions: (i) half-metallic and(ii) metallic. The half-metallic solution is a ground state of the system andthe metallic one is a metastable state. The strong hybridization between Co3$d$ and O 2$p$ orbitals decides the electronic and magnetic properties of thecompound. The total magnetic moment per formula unit is found to be $\sim$ 3$\mu_B$ ($S$ = 3/2). Our calculations give the magnetocrystalline anisotropyenergy of $\sim$ 2.7 meV, which provides a good description of experimentallyobserved large magnetocrystalline anisotropy. The Heisenberg exchangeparameters up to fourth nearest neighbours are also calculated. The mean-fieldtheory gives the $T_C$ = 887 K. The possible physical implications of theferromagnetic half-metallic ground state are also discussed.

Correlation induced half-metallicity in a ferromagnetic single-layered compound: Sr$_2$CoO$_4$