Adhunik Metaliks rises on executing mining lease

Adhunik Metaliks is currently trading at Rs 62.75, up by 2.45 points or 4.06% from its previous closing of Rs 60.30 on the BSE.

The scrip opened at Rs 61.50 and has touched a high and low of Rs 64.00 and Rs. 61.25 respectively. So far 20,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 127.40 on 18-Aug-2010 and a 52 week low of Rs 59.00 on 12-Aug-2011.

Last one week high and low of the scrip stood at Rs 73.90 and Rs. 59.00 respectively. The current market cap of the company is Rs 774.00 crore.

The promoters holding in the company stood at 55.52% while Institutions and Non-Institutions held 22.93% and 21.55% respectively.

Adhunik Metaliks has executed mining lease for its captive iron ore mine located in Village Deojhar, Kulum of Barbii Tahasil in Keonjhar District. All requisite approvals for starting mining are in place. Besides, the company has mobilized the mining equipments and started preparing the approach road and necessary infrastructure for mining. The dispatches of iron ore from the mine is expected very soon.

Adhunik Metaliks is the flagship company of the Kolkata-based Adhunik Group of Industries and is engaged in manufacturing of wide range of special steels used for different applications in the fields of automobile, construction and engineering.