Adhunik Metaliks trades jubilantly on the bourses

Adhunik Metaliks is currently trading at Rs. 51.85, up by 1.80 points or 3.60% from its previous closing of Rs. 50.05 on the BSE. The scrip opened at Rs. 52.55 and has touched a high and low of Rs. 53.60 and Rs. 51.45 respectively. So far 90948 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 53.60 on 20-May-2014 and a 52 week low of Rs. 18.70 on 02-Aug-2013. Last one week high and low of the scrip stood at Rs. 53.60 and Rs. 44.00 respectively. The current market cap of the company is Rs. 640.96 crore. The promoters holding in the company stood at 64.71% while Institutions and Non-Institutions held 10.90% and 24.39% respectively. Adhunik Metaliks is operating its captive Kulum iron ore mine in Orissa and its wholly owned subsidiary, Orissa Manganese & Minerals (OMML) is operating two iron ore mines in the State of Jharkhand and Orissa. Moreover, the mining operations in all the aforesaid three mines are going as usual and there will not be any impact of the current Apex Court verdict on these mines. Further, the steel plant of the company and pellet plant of OMML are also running as usual. Earlier, Supreme Court granted temporary working permission to the company to operate at Sulaipat Iron Ore Mine of B. C. Dagara. The Apex Court directed the Forest Department of the State of Odisha to take a decision within four weeks on the diversion proposal of the mine and also directed MoEF to decide within a period of four weeks of the receipt of the proposal to grant approval for the same. Adhunik Metaliks is the flagship company of the Kolkata-based Adhunik Group of Industries and is engaged in manufacturing of wide range of special steels used for different applications in the fields of automobile, construction and engineering.