The shares a leading producer and exporter of Iron Oxide Pellets touched 20 percent upper circuit to a 52-week high of Rs 397 per share after the company restarted its pellet plant operations at Mangalore.
At 12:40 p.m., KIOCL Ltd shares touched the upper circuit of 397 per share, up Rs 64 or 19.98 percent on the National Stock Exchange from the previous close price. The company has a market capitalization of Rs 24,127 crore.
According to the KIOCL Exchange filing, the Company informed that it restarted the operations of the Pellet Plant Unit of the Company at Mangalore on October 14, 2023.
KIOCL shares have delivered returns of 92 percent in six months and 115 percent in a year.
KIOCL revenue has increased by 37 percent year on year, from Rs 366 crore in Q2FY23 to Rs 501 crore in Q2FY24. During the same period, the company’s net losses increased, from Rs 43 crore to Rs 58 crore.
According to the recent shareholding pattern, the company promoters hold 99.03 percent of the company stake and retail investors hold a 0.84 percent stake.
KIOCL is a flagship firm of the Government of India’s Ministry of Steel, holding Miniratna status. It is an export-oriented unit with experience in iron ore mining, filtering technologies, and pellet manufacture. The company also operates in the Pellets and Pig Iron business segments.
Written by Omkar Chitnis
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