Orissa Minerals spurts 7.3% in 2 days

Orissa Minerals Development Company rose 1.46% to Rs 49,500 at 9:55 IST on BSE, with the stock extending Wednesday's 5.79% rally triggered by announcement that its board will consider proposal for bonus issue & 10-for-1 stock split on 9 August 2012

Meanwhile, the BSE Sensex was down 24.25 points or 0.14% to 17,233.13.

On BSE, 1,577 shares were traded in the counter compared as against average daily volume of 1,331 shares over the past one quarter.

The stock hit a high of Rs 49,899 and a low of Rs 48,504 so far during the day. The stock had hit a 52-week high of Rs 52,240 on 4 August 2011. The stock had hit a 52-week low of Rs 25,550 on 4 June 2012.

The stock had outperformed the market over the past one month till 1 August 2012, jumping 48.25% compared with the Sensex's 0.99% fall. The scrip had also outperformed the market in past one quarter, surging 46.37% as against Sensex's 0.35% fall.

The state-run iron ore miner has an equity capital of Rs 0.60 crore. Face value per share is Rs 10.

Orissa Minerals Development Company (OMDC) stock has rallied 7.33% in two trading sessions from Rs 46,119.05 on 31 July 2012, after the company during trading hours on Wednesday, 1 August 2012 said its board of directors will consider proposal for bonus issue and 10-for-1 stock split on 9 August 2012. The stock had risen 5.79% to settle at Rs 48,789.50 on Wednesday, 1 August 2012.

OMDC said the board will also consider proposal for merger of Bisra Stone Lime Company (BSLC) with the company.

OMDC on 25 July 2012 said it had received environment clearance from Ministry of Environment and Forest (MoEF) for production of 3 million tonnes per annum (mtpa) of iron ore and 0.24 mtpa of manganese ore from the company's Kolha-Roida iron and manganese mines.

OMDC's net profit fell 55.4% to Rs 3.44 crore on 38.3% decline in total income to Rs 61.19 crore in the year ended 31 March 2012 over the year ended 31 March 2011.

State-run OMDC was incorporated in the year 1918. Its mines are located around Barbil in Keonjhar District of Odisha. It is one of the oldest iron ore mining companies in India. The Government of India holds 50.01% stake in OMDC (as per the shareholding pattern as on 30 June 2012).

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