OMDC gallops after receiving mines

Orissa Minerals Development Company surged 10.79% to Rs 1,759 at 15:09 IST on BSE after the company said it has received six iron and manganese ore mines from the office of Government of Odisha.

The announcement was made during market hours today, 12 April 2018.

Meanwhile, the S&P BSE Sensex was up 174.94 points, or 0.52%, to 34,110.65.

On the BSE, 31,000 shares were traded in the counter so far, compared with average daily volumes of 1,031 shares in the past two weeks. The stock had hit a high of Rs 1,905.20 and low of Rs 1,586.30 so far during the day. The stock had hit a 52-week high of Rs 2,342.30 on 7 November 2017. The stock had hit a 52-week low of Rs 1,550 on 26 March 2018.

The state-run iron ore miner has equity capital of Rs 0.60 crore. Face value per share is Re 1.

Orissa Minerals Development Company (OMDC) said that it has received six iron and manganese ore mines from the office of Government of Odisha. The mines include Bhadrasahi Iron and Manganese Ore Mines, Roida-Bhadrasahi Iron Ore Mines, Belkundi Iron and Manganese Ore Mines, Kolha-Roida Iron and/or Manganese Ore Mines, Thakurani Iron and Manganese Ore Mines and Bagiaburu Iron Ore Mines.

OMDC's net profit fell 51.87% to Rs 1.16 crore on 15.79% fall in total income to Rs 13.55 crore in Q3 December 2017 over Q3 December 2016.

OMDC operates six iron ore and manganese ore mining leases at Barbil in the district of Keonjhar, Odisha.

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