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KIOCL Bags Multiple Orders Worth Rs 3.8 Crores, Shares Surge 15%

Shares of KIOCL fell after it suspended operations of its pellet plant unit located in Mangalore.

Shares of KIOCL Limited, a central public sector undertaking under the Ministry of Steel, propelled by more than 14% on April 17. This surge in the stock price results from investors’ positive response to the company’s new orders, which are expected to contribute to the company’s growth.

The company announced it received two orders, valued at Rs 3.81 crore, for mineral exploration in Karnataka from the National Mineral Exploration Trust. 

The first project is for polymetallic mineralisation in Nagavanda gold and base metal block in parts of Karnataka’s Dhanvangere, Haveri, and Shimoga districts. This order is worth Rs 1.48 crore and involves a reconnaissance survey.

The second project is for the preliminary exploration of amalgamated Kalburgi limestone blocks in the Jevargi area worth Rs 2.33 crore. These two projects allow KIOCL Limited to enhance its mineral exploration capabilities.

KIOCL Limited has its head office and administrative activities in Bengaluru. According to its official website, it has the facilities to operate a 3.5 MTPA iron-oxide pellet plant and a blast furnace unit to manufacture 2.16 lakh tonnes per annum of pig iron in Mangaluru, Karnataka.

At 12 pm, the stock price of KIOCL was Rs 206.25 per share, up 14.5 per cent from the previous close on BSE.

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