KIOCL Shares Hit 20% Upper Circuit On Resumption Of Pellet Plant Ops In Mangalore

KIOCL shares skyrocketed 20% at Rs 476.40 per share at 10:42 am IST on Tuesday. At this price, the company has a market cap of 28,953.26 crore. Today, the share price of KIOCL Ltd hit a 20% upper circuit and hit a new 52-week high after the company announced that the Pellet Plant Unit of KIOCL in Mangalore resumed operations on October 14, 2023.

The stock has a 52 Wk High and 52 Wk low of 476.40 and 165.20. In the last one year, KIOCL shares have gained 158%, while the stock's year-to-date (YTD) performance is up 112.58%.

In an exchange filing on October 13, 2023, the company said, "In furtherance of the above and pursuant to Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is hereby informed that the operations of Pellet Plant Unit of the Company at Mangalore is scheduled to be restarted tomorrow i.e., with effect from October 14, 2023."

Earlier, on September 28, 2023, the company announced the temporary suspension of operation of the Pellet Plant Unit (The Plant) of the Company at Mangalore due to the non-availability of iron-ore fines and as well as for carrying out maintenance activities.

KIOCL stock price has given attractive returns to investors in the last three months. Analysts believe that the stock has a good price volume structure suggesting that it can continue with the momentum going ahead.

Kudremukh Iron Ore Company Limited (KIOCL) is a Miniratna Government of India Enterprise having its Head Office in Bangalore. KIOCL has facilities to operate a 3.5 MTPA Iron-oxide Pellet Plant and blast Furnace Unit to manufacture 2.16 lakh tonnes per annum Pig iron at Mangaluru, Karnataka.KIOCL is an EoU and a profit-making, continuous dividend-paying Company with a positive net worth and Mini Ratna Category.