Deccan Gold Mines jumps after issuing updates on Ganajur Gold Project

Deccan Gold Mines jumped 16.61% to Rs 40 at 12:45 IST on BSE after the company updated that mining lease application made by its subsidiary over the Ganajur Gold Project is under process with Ministry of Mines.

The company gave this update during market hours today, 12 June 2015.

Meanwhile, the S&P BSE Sensex was up 109.07 points, or 0.39%, to 26.474.27.

On BSE, so far 66,847 shares were traded in the counter, compared with an average volume of 85,761 shares in the past one quarter.

The stock hit a high of Rs 41.15 and a low of Rs 33.85, so far during the day. The stock hit a 52-week high of Rs 52.10 on 30 December 2014. The stock hit a 52-week low of Rs 19.15 on 4 September 2014.

The stock had underperformed the market over the past one month till 11 June 2015, declining 16.55% compared with 4.13% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, surging 18.69% as against Sensex's 7.98% fall.

The small-cap stock has an equity capital of Rs 5.92 crore. Face value per share is Re 1.

Deccan Gold Mines gave the above update regarding the mining lease application made by its subsidiary, Deccan Exploration Services, with regard to the Ganajur Gold Project in the state of Karnataka. DGML will update the market of further development in this regard. The company has received a reply letter of Indian Bureau of Mines, Nagpur dated 10 April 2015, addressed to the Ministry of Mines (MoM), which had sought clarifications with regard to the project.

Deccan Gold Mines (DGML), is the gold exploration company which was established in the year 2003 by promoters with deep roots in the exploration and mining sector. DGML has been involved in gold exploration activities in the states of Karnataka and Andhra Pradesh where the activities have resulted in defining a number of gold prospects spread across these states.

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