Shares of Sunflag Iron and Steel Co. rose to the highest level in over four months on Friday after it received a letter of intent from the Maharashtra government for a composite licence for an iron-ore block.
The block is spread over an area of 658 hectares in Gadchiroli district. The composite licence will be granted after satisfactory completion of all the requirements under the Mines and Minerals (Regulation and Development) Amendment Act, according to an exchange filing.
On the NSE, Sunflag Iron's stock rose as much as 14.12% during the day to Rs 229.50 apiece, the highest since Aug. 10. It was trading 10.82% higher at Rs 222.85 apiece compared to a 0.77% advance in the benchmark Nifty 50 at 1.58 p.m.
The share price has risen 101.78% on a year-to-date basis. The total traded volume so far in the day stood at 16 times its 30-day average. The relative strength index was at 71.
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