Tata Metaliks rises on obtaining iron ore licence

DALAL STREET SPIKES

Tata Metaliks, India's largest pig-iron manufacturer, rose 4.34 per cent to close at Rs 139.40 on reports that the company has obtained a licence to prospect for iron ore at a mine in Maharashtra. The company is expected to start the work of prospecting in a couple of months and use the mined iron ore for its proposed steel unit in Karnataka.

After opening one per cent up at Rs 135, the stock made an intraday high/low of Rs 150/Rs 133.45. The counter witnessed volumes of 55,785 shares, about twelve times its two-week average, with delivery volumes of 59 per cent.