KIOCL witnessed a 20 percent surge in its shares for the second consecutive session on October 17, following the resumption of operations at its Pellet plant unit in Mangalore on October 14. The plant, which had temporarily halted operations due to the unavailability of iron ore fines and essential maintenance, quickly regained momentum.
By 1:20 pm, KIOCL shares on the National Stock Exchange (NSE) were locked in at the upper circuit, reaching a fresh 52-week high of Rs 476.40. This impressive surge marked a significant milestone for the company, reflecting the positive sentiment among investors.
Over the past five days, KIOCL shares have rallied impressively, boasting a remarkable 44 percent increase. In the broader perspective, the stock has demonstrated consistent growth over the past year, with gains amounting to around 160 percent. Furthermore, the stock has experienced a notable 130 percent rise over the past six months, outshining the benchmark Nifty 50, which saw an increase of only 12 percent during the same period.
KIOCL, a miniratna enterprise, boasts the capability to operate a 3.5 MTPA iron-oxide pellet plant and a blast furnace unit, manufacturing 2.16 lakh tonnes per annum of pig iron in Mangalore.
