KIOCL gains on signing MoU with 2 foreign companies

KIOCL has signed memorandum of understandings (MoUs) with Glencore International AG and Steel Mont GMBH. The shares of the company rose by almost 16 per cent intraday. 

The MoU was signed at METEC- 2019 at Düsseldorf, Germany for Sale of Pellets in European Market including UK with two Companies, Glencore International AG and Steel Mont GMBH. KIOCL, in May this year announced that the company is targeting pellet production of 2.6 MTPA (million tonnes per annum) for the next financial year. 

KIOCL is Asia's largest iron ore mining and pelletisation complex and the country's biggest 100 per cent export-oriented unit engaged in the business of exporting iron oxide pellets and pig iron. 

On Thursday, the shares of KIOCL opened at Rs. 122.30 against Wednesday’s close of Rs.121.25. At 15:14 hours, the stock was trading at Rs. 132.25, 9.07 per cent higher than the previous close. Its intraday high was Rs.141.15 and intraday low was Rs. 119.05 per share on the BSE. The 52-week high stood at Rs. 258 and 52-week low was at Rs. 114.55 per share on the BSE.