The shares of the small-cap stock hit a 5 percent upper circuit of Rs 1,428.65 apiece after the company announced as a preferred bidder for the Bhukia Jagpura Gold Mining Lease Block.
With a market capitalization of Rs 2,597.63 crore, the shares of Owais Metal and Mineral Processing Ltd were trading at Rs 1,428.65 per share, increasing around 5 percent as compared to the previous closing price of Rs 1,360.65 apiece.
According to the company filing, Owais Metal and Mineral Processing Ltd has been declared the preferred bidder for the Bhukia Jagpura Gold Mining Lease Block in the Banswara district of Rajasthan.
Moreover, the Bhukia-Jagpura Gold Mining Lease Block is one of India’s biggest gold mining blocks, drawing significant attention due to its substantial gold reserves. It is estimated to contain considerable gold deposits, making it one of the largest and most lucrative gold mining lease blocks in the country.
Furthermore, this important success is consistent with the company’s expansion strategy for its mining activities, which includes increasing production capacity, enhancing market presence, and supporting strategic presence.
Looking into the company’s financial condition, revenue magnified by 66 percent from Rs 30 crore in H1FY23 to Rs 50 crore in H2FY24, and during the same time frame, net profit increased by 26 percent from Rs 7 crore to Rs 9 crore.
The shares have given a multi-bagger return of 110 percent in just a month and a 471 percent return in just 6 months, if an individual invested Rs 1 lakh a year ago it would be now Rs 5.71 lakh.
Owais Metal and Mineral Processing Limited manufactures and processes a variety of metals and minerals. Its product line comprises Manganese Oxide (MNO), MC Ferro Manganese, Wood Charcoal production, and mineral processing such as Ferro Alloy, Quartz, and Manganese Ore.
Written by:- Abhishek Singh
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