KIOCL stocks surge post project approval

The shares of Kudremukh Iron Ore Company Limited (KIOCL) jumped by almost 5 per cent during trading hours on Wednesday when the company announced that National Mineral Exploration Trust (NMET) under Ministry of Mines has approved the execution of its mineral exploration project at an estimated price of Rs 270 lakh.

The project is going to be funded by NMET for the general exploration of limestone block in Reddipalayam Amalgamated Block, Ariyalur district of Tamil Nadu for a period of seven to nine months.

Kudremukh Iron Ore Company Limited is a company under the Steel Ministry, engaged in manufacturing iron ore pellets. Its products include pellets and pig iron casting. Its services include Operation and Maintenance (O&M) contracts. The company has an experience in operating iron ore mining, beneficiation and iron-oxide pelletisation in the country. It has 3.5 Million Tonne Per Annum (MTPA) iron-oxide pellet plant to manufacture pig iron at Mangaluru (Karnataka).

On Wednesday, the stock closed at Rs 123.20, up by 3.18 per cent or Rs 3.80 per share. The 52-week high is recorded at Rs 172.65 and the 52-week low is Rs 107.65 on BSE.