The Hindu Business Line : Ferro Alloys bets on mining wealth

FERRO Alloys Corporation buzzed with activity on Wednesday as punting continued on the possibility of the company encashing on its initial find of platinum at its captive chromite mine at Bhadrak in Orissa.

The stock moved up to Rs 15.45 with a gain of 8.80 per cent. The traded quantity in the counter was at 33.33 lakh shares.

A company source told Business Line that further prospecting work would begin soon. The company has sought permission for the work ahead. "Within a timeframe of six months to a year, we would be able to assess the extent of platinum reserves and its commercial viability," the source said.

The company had already formed a joint venture with Platinum Mining Corporation of India, a London Stock Exchange listed company. The initial prospecting in company's leased mining area was done by the UK-based company, which was floated with sole aim of mining platinum group of metals at the Bhadrak mine area.

Shines on growth hopes

PETROLEUM product marketing companies closed in the green on Wednesday even as the market ended on a flat note on a volatile day.

According to market sources, the petroleum marketing companies are likely to show improved profitability in the third quarter because of lower global crude price than the second quarter and domestic price increase for petrol and diesel.

The market is also expecting a price rise in gas. Issue of oil bond is also likely to boost the balance sheet of these companies.

IBP closed with a gain of 2.15 per cent at Rs 610, while Bharat Petroleum finished with a gain of 0.55 per cent at Rs 421.85. Hindustan Petroleum moved up marginally to close at Rs 327.60.

In terms of traded volume, Hindustan Petroleum recorded 3.16 lakh shares, higher than the 2-week average of 1.76 lakh shares; and Bharat Petroleum logged a quantity of over one lakh shares.

Jayanta Mallick

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