KIOCL, a central PSU engaged in mining and beneficiation of low-grade iron ore and export of high-quality iron oxide pellets and supply of pig iron to domestic market from its pelletisation & pig iron, got listed on the BSE on Tuesday. The shares closed 4.82 per cent higher at ₹85.85 on the BSE.

Now both on BSE, NSE

The company has an iron ore pellet plant of 3.5 mtpa capacity at Mangaluru. With this listing, KIOCL can now be traded on the BSE and the NSE.

The KIOCL stock has shown remarkable appreciation in the last few months and closed at ₹79 on Friday with a market capitalisation of ₹48 crore. The company has 1,600 retail investors as on July 31 with the Government of India holding 99 per cent equity.

At a formal listing ceremony, Subba Rao, Chairman & Managing Director (Additional Charge) and Director (Commercial), KIOCL, rang the bell to mark the commencement of trading of the stock.

Speaking on the occasion, Rao briefed about the current status of the company and the various initiatives taken, including the growth and investment plans. He said, “As for the future, our growth blueprint for the next few years includes both inorganic as well as organic growth through strategic investments in greenfield and brownfield projects.”

Consistent performer

The company has been performing consistently well over the last many years. In financial year 2016-17, KIOCL clocked a turnover ₹929.36 crore, returning an EBIDTA of ₹31.22 crore and profit after tax of ₹47.93 crore.

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