KIOCL rose 1.05% to Rs 226.45 after the company announced the execution of deed for grant of a mining lease between Govt. of Karnataka & KIOCL for iron ore and manganese ore mining in Devadari Hill Range.
In an exchange filing made during market hours today, the company informed that the Govt. of Karnataka has executed the Mining Lease deed on 2 January 2023 with KIOCL for grant of a mining lease for iron ore and manganese ore, over an extent of 388 hectares for a period of 50 years in Devadari Range, Sandur Taluk, Ballari District, Karnataka State.
KIOCL is engaged in business of iron ore mining beneficiation and production of high-quality pellets.
The company reported net loss of Rs 102.22 crore in Q2 FY23 compared to a net loss of Rs 30.33 crore posted in Q2 FY22. Revenue from operations tumbled 66.6% year on year to Rs 154.43 crore in Q2 FY23.
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