KIOCL’s shares rally 14% after bagging two orders worth Rs 3.81 crore

Shares of KIOCL Limited rallied more than 12 percent on April 17 as the company bagged two orders for mineral exploration in Karnataka worth Rs 3.81 crore from the National Mineral Exploration Trust.

The first project is for polymetallic mineralization in Nagavanda gold and base metal block in parts of Dhanvangere, Haveri and Shimoga districts in Karnataka. This order is worth Rs 1.48 crore, according to a filing by KIOCL.

The second project is for the preliminary exploration of amalgamated Kalburgi limestone blocks in the Jevargi area worth Rs 2.33 crore.

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At 11.17 am, the stock price of KIOCL was at Rs 206 per share, up 14.3 percent from the previous close on BSE.

In the last year, the stock price of KIOCL has dipped more than 7 percent. However, in the past three years, shares have given a return of more than 162 percent.

KIOCL is a central public sector undertaking under the ownership of Ministry of Steel, Government of India with its head office and administrative activities in Bengaluru.

KIOCL has facilities to operate a 3.5 MTPA iron-oxide pellet plant and a blast furnace unit to manufacture 2.16 lakh tonnes per annum of pig iron at Mangaluru, Karnataka, according to its official website.

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