Orissa Minerals surges by 19 per cent on receiving mine leases

Orissa Minerals Development Company shot up by 19 per cent in Thursday’s intraday trade as the company received six iron and manganese ore mines on lease from the state government of Odisha.

The mines leased by the company are located in the Keonjhar district of Odisha and includes Bhadrasahi iron and manganese ore mines with area over 998.70 hectares, Roida-Bhadrasahi iron ore mines over 103.600 hectares, Roida-Bhadrasahi iron ore mines over 103.600 hectares, Belkundi iron and manganese ore mines over 1,276.790 hectares, Kolha-Roida iron and manganese ore mines over 254.952 hectares, Thakurani iron and manganese ore mines over 1,546.55 hectares and Bagiaburu iron ore mines over 21.52 hectares, stated the company in a filing to the exchanges.

On Thursday, the stock hit an intraday high of Rs. 1,905.20 per share and an intraday low of Rs. 1,586.30 per share on BSE. The stock also breached its upper circuit of Rs. 1,905.20 per share during the trade. The stock had touched its 52-week high of Rs. 2,342.30 per share on November 7, 2017 and its 52-week low of Rs. 1,550 per share on March 26, 2018 on BSE, respectively. The stock closed at Rs. 1,740.85 per share, higher by 9.65 per cent on BSE.