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After gaining 20 per cent on Wednesday, the stock of Orissa Minerals Development Company added another 13 per cent early on Thursday. Environment clearance and bonus buzz acted as triggers for the stock. The stock is currently ruling at Rs 41,200, a gain of 13.26 per cent or Rs 4,823.
On Wednesday, after market hours, the company said the Steel Ministry had directed its board of directors to consider a bonus issue.
Though this is not the first time the company has been linked with bonus buzz, it has denied such talks earlier.
OMDC, on Wednesday, had surged by the maximum possible limit of 20 per cent after the company informed the BSE that it has received environment clearance from the Ministry of Environment and Forest for production of 3 million tonnes per annum (mtpa) of iron ore and 0.24 mtpa of manganese ore from the company’s Kolha-Roida iron and manganese mines.
The Steel Ministry has also directed Orissa Minerals Development Company to merge Bisra Stone Lime Company (BSLC) with the company.
Meanwhile, OMDC reported a net profit of Rs 3.44 crore on a total revenue of Rs 2.48 crore for the year ended March 31, 2012.
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