The shares of KIOCL have gained a massive 13.44% and are trading at ₹ 227.50 apiece as of 11:44 AM on Tuesday. The public sector company’s shares reached an intraday high of ₹ 233.00 apiece on the National Stock Exchange (NSE).
The stock KIOCL is listed on the NSE, the Bombay Stock Exchange (BSE) and the Metropolitan Stock Exchange of India (MSEI). The company recently informed the bourses that it has restarted the operations of its pellet plant unit in Mangalore with effect from November 24, 2022. Since then, its shares gained 21.63%.
Another major development in the industry has worked in favour of the company. The government recently scrapped the export duty on steel and allied raw materials like iron ore and iron ore pellets. This duty was at 15% on most grades of steel and 40 to 45% on the export duty of raw materials. This move will pave the way for overseas shipments of steel from India and higher domestic prices.
KIOCL is the flagship company under the Ministry of Steel, Government of India. The company has the Miniratna status. It is an export-oriented unit with expertise in iron ore mining, filtration technology, and the production of high-quality pellets.
KIOCL is a mid-cap company with a market capitalization of ₹12,188 crores. It has a return on equity of 15.18% and a debt-to-equity ratio of 0.06. However, it has a negative EPS of 0.32.
Written by Simran Bafna
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