This metals & mining company receives multiple projects of Rs 3.81 crore from Ministry of Mines!

The President of India owns the majority of the company (99.03 per cent), with the remainder divided among DIIs and the general public.

KIOCL informed that NMET, Ministry of Mines, Govt. of India has approved the mineral exploration projects to be executed by the company. The projects are worth Rs 3.81 crore. Details below:  

Project 1: Reconnaissance Survey (G-4) for polymetallic mineralization in Nagavanda Gold & Base Metal Block in parts of Dhanvangere, Haveri and Shimoga District, Karnataka. The project cost is Rs 1.48 crore and will be completed in 12 months.   

Project 2: Preliminary Exploration for Amalgamated Kalburgi Limestone Blocks in Jevargi area, District Kalburg. The project cost is Rs 2.33 crore and will be completed in 12 months.   

On Thursday, shares of KIOCL Ltd zoomed 0.61 per cent to Rs 180.20 per share with an intraday high of Rs 181.10 and an intraday low of Rs 179.30.  

KIOCL is a flagship company under the Ministry of Steel, GoI, with Miniratna status. It is an export-oriented unit with expertise in iron ore mining, filtration technology and the production of high-quality pellets.  

According to the financials, KIOCL has a market of over 10,000 crore and has delivered good profit growth of 45.2 per cent CAGR over last 5 years. The company reported positive numbers in its Quarterly Results and annual results. The President of India owns the majority of the company (99.03 per cent), with the remainder divided among DIIs and the general public.