KIOCL shares hit 20% upper circuit for second straight session, at fresh 52-wk high

Shares of KIOCL zipped 20 percent for the second consecutive session on October 17 after operations resumed at its Pellet plant unit in Mangalore on October 14. The operations were temporarily suspended due to the unavailability of iron ore fines and essential maintenance.

At 12:43 pm, KIOCL shares on the National Stock Exchange (NSE), were locked in at the upper circuit at Rs 476.40, a fresh 52-week high.

In the last five days, KIOCL shares have rallied more than 44 percent. In the past year, the stock has demonstrated consistent growth with gains of around 160 percent. Over the past six months, the stock has risen by over 130 percent, outperforming benchmark Nifty 50, which has rallied around 12 percent during this period.

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KIOCL is a miniratna enterprise with facilities to operate a 3.5 MTPA iron-oxide pellet plant and blast furnace unit to manufacture 2.16 lakh tonnes per annum of pig iron at Mangalore. It is a profit-making, dividend-paying company with a positive net worth.

For the quarter ended June 2023, the company reported sales at Rs 501.38 crore, which is a 36 percent jump from Rs 366.24 crore reported in the year-ago quarter. Its revenue rose to Rs 514.5 crore compared to Rs 385.25 crore a year ago. Its net loss widened to Rs 58.04 crore compared to Rs 43.78 crore in the corresponding quarter of FY23.

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