Kirloskar Ferrous Industries was down 2.81% to Rs 86.55 at 11:27 IST on BSE, amid weak market trend, after the company said it has been selected as a preferred bidder in electronic auction for iron ore mine in Karnataka.The announcement was made during trading hours today, 6 December 2018.
Meanwhile, the S&P BSE Sensex was down 371.02 points, or 1.03% to 35,513.39.
On the BSE, 1 lakh shares were traded in the counter so far compared with average daily volumes of 88,000 shares in the past two weeks.
Trading in the counter was volatile. The stock reversed trend after rising as much as 4.38% at the day's high of Rs 92.95 in morning trade. The stock had hit a low of Rs 86.05 so far during the day. The stock hit a 52-week high of Rs 121.90 on 5 January 2018. The stock hit a 52-week low of Rs 77.40 on 9 October 2018.
As per the letter dated 5 December 2018 issued by the Office of Director, Department of Mines and Geology, Government of Karnataka, the company has been declared as 'preferred bidder' in e-auction of Sri. M Channakesava Reddy (Mis. Sri Lakshmi Narasimha Mining Co) (ML No. 2566) based on highest final price offer submitted by the company.
The grant of mining lease shall be subject to making of necessary payments, completion of other terms and conditions of the tender document; obtaining of necessary approvals / permissions / clearances from various government departments / agencies and execution of necessary agreements / deeds in the matter.
Net profit of Kirloskar Ferrous Industries rose 148.90% to Rs 27.08 crore on 31.82% rise in net sales to Rs 540.33 crore in Q2 September 2018 over Q2 September 2017.
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