OMDC soars 20% on environment clearance from MoEF

For production of 3 million tonnes per annum of iron ore and 0.24 million tonnes per annum of manganese ore for its KoIha-Roida Iron and manganese mines

Orissa Minerals Development Company (OMDC) has locked upper circuit of 20% at Rs 36,377 on getting environment clearance from Ministry of Environment and Forest (MoEF) for its KoIha-Roida iron and manganese mines.

“The company has got environment clearance from MoEF vide letter dated July 23, 2012 (issued on July 24, 2012) for production of 3 million tonnes per annum of Iron Ore (ROM) and 0.24 million tonnes per annum of Manganese Ore (ROM) for its KoIha-Roida Iron and Manganese Mines (254.952 hect.),” OMDC said in a filing.

The stock opened at Rs 30,500 and hit the upper limit of the day, after the announcement on the Bombay Stock Exchange. A combined around 19,139 shares have changed hands on the counter so far and there are pending buy orders for 814 shares on both the exchanges.