Adhunik Metaliks zooms 20% as arm gets lease extension

The stock is locked at the upper circuit for the second straight day, gaining 20% at Rs 22.55 on the BSE.

Shares of Adhunik Metaliks were locked at the upper circuit for the second straight day, gaining 20% at Rs 22.55 on the BSE, after the company said that its arm has received a lease extension for its three manganese ore mines.

The company’s wholly owned subsidiary - Orissa Manganese & Minerals (OMML), has been granted extension of lease for its three manganese ore mines (Patmunda, Orahuri and Kusumudhi) till March 31, 2020 under merchant category. The Patmunda mine has already re-started operation, Adhunik Metaliks said in BSE filing.

OMML had requested the Government to extent the lease of these mines for an additional 10 years under the captive clause, the company added.

Till 1254 hours, a combined 1.82 million shares changed hands and there were pending buy orders for 486,323 shares on the BSE and NSE.

Meanwhile, the stock hit a 52-week low of Rs 14 earlier this month, tanking 74% from its 52-week high of Rs 53, after the company posted a huge net loss of Rs 463 crore for the first nine months ended March 2015 against a profit of Rs 11 crore in the same period last year.