KIOCL Resumes Operations, Share Price Hits 52-Week High

KIOCL Resumes Operations, Share Price Hits 52-Week High

VoM News Desk | October 17, 2023 | 12:46 PM IST | Breaking News | Follow on Google News

KIOCL Resumes Operations, Share Price Hits 52-Week High

KIOCL Resumes Operations, Share Price Hits 52-Week High

KIOCL, an iron-ore exporting unit, witnessed its share price surge to a 52-week high, reaching a 20% upper circuit on Tuesday. This substantial rise was triggered by the company’s announcement that its Pellet Plant Unit in Mangalore resumed operations on October 14, 2023.

Impressive Share Price Performance

The share price of KIOCL Limited opened at ₹414.95 on the BSE and reached an intraday high of ₹476.40 while briefly touching a low of ₹413.55. Over the past three months, KIOCL’s stock price has delivered significant returns, and even after this substantial upswing, its strong price volume structure suggests the potential for continued upward momentum.

Resumption of Operations

KIOCL’s Pellet Plant Unit in Mangalore had temporarily halted operations on September 28, 2023, due to the unavailability of iron ore fines and the necessity for maintenance. However, the recent announcement of its resumption has generated positive market sentiment, leading to a two-day consecutive surge in KIOCL’s share price, resulting in a 44% gain.

According to Trendlyne data, KIOCL’s stock price has witnessed an impressive rise of 156.06% over the past year, outperforming its sector by 93.24%.

Intervention Request for Mining Operations

In August, KIOCL had written to the Ministry, requesting its intervention in resolving issues with the Karnataka State government to enable the commencement of mining operations at the Devadari Iron Ore mines, located in the Ballari area of Karnataka’s Sandur Taluk.

KIOCL’s plans for the 2024–2025 period include the annual generation of approximately 3 lakh tonnes. To expedite these processes and gain access to forest land for operations at the mines, the CPSE has sought assistance from the Steel Ministry, particularly by engaging with the Karnataka Forest Department.

KIOCL’s resurgence in operations and positive market response indicate its commitment to further growth and progress in the iron-ore industry.

Disclaimer: This is a market report provided for informational purposes and should not be considered as investment advice. The article does not endorse or recommend any particular investment. Before making any investment, you should conduct your own research and seek the advice of a qualified financial or investment advisor.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.