Orissa Minerals Development Co spurts on bagging mining rights in Odisha

Orissa Minerals Development Company rose 12.89% to Rs 1,891 at 15:32 IST on BSE after the company said it received commercial mining rights for Brahamani coal block in Odisha.

The announcement was made during trading hours today, 29 August 2017.

Meanwhile, the S&P BSE Sensex was down 362.43 points, or 1.14% to 31,388.39.

On the BSE, 13,000 shares were traded in the counter so far, compared with average daily volumes of 1,655 shares in the past one quarter. The stock had hit a high of Rs 1,979 and a low of Rs 1,666.15 so far during the day. The stock hit a 52-week high of Rs 2,695 on 1 November 2016. The stock hit a 52-week low of Rs 1,616.45 on 11 August 2017.

The stock had underperformed the market over the past one month till 28 August 2017, falling 14.11% compared with 1.73% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 12.28% as against Sensex's 1.90% rise. The scrip had also underperformed the market in past one year, falling 21.99% as against Sensex's 13.79% rise.

The small-cap company has equity capital of Rs 0.60 crore. Face value per share is Re 1.

Ministry of Coal, Government of India, allotted Brahamani coal block in Odisha to Orissa Minerals Development Company for commercial mining. The company has signed the coal block development and production agreement (CBDPA) for the block.

Orissa Minerals Development Company reported net loss of Rs 0.08 crore in Q1 June 2017 as against net profit of Rs 3.38 crore in Q1 June 2016. There were no sales reported in Q1 June 2017 and Q1 June 2016.

Orissa Minerals Development Company is engaged in mining operations.

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