Shares of KIOCL Ltd. jumped nearly 16% on Thursday to the highest in over three weeks after HD Kumaraswamy, the newly appointed Union steel and heavy industries minister, signed a file to operationalise the Devadari iron ore mine.
The iron-ore exporting unit is a central public sector enterprise and it will now start mining operations at the Devadari iron ore mine in Karnataka's Ballari district.
The company had executed a deed of for the mine in January 2023 for an area of 388 hectares area for a period of 50 years for iron ore and manganese ore. The mine is located in Sandur taluk under Ballari district of Karnataka.
KIOCL intends to attain annual iron ore capacity of 2 million tonnes from the mine, following which, it will set up a beneficiation plant of the same capacity.
On the NSE, KIOCL's stock rose as much as 15.59% during the day to Rs 495 apiece, the highest since May 22. It was trading 11.09% higher at Rs 474.30 per share, compared to a 0.23% advance in the benchmark Nifty as of 11:32 a.m.
The share price has risen 148.65% in the last 12 months and 28.67% on a year-to-date basis. The total traded volume so far in the day stood at 12 times its 30-day average. The relative strength index was at 61.84.
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