Centre allows OMDC to dispose off minerals from Bhadrasahi mine; stock ends 12% higher

On Sensex, OMDC stock settled at Rs2612.90 per piece up Rs278 or 11.91%.

Nov 27, 2020 05:11 IST India Infoline News Service

The Orissa Minerals Development Company (OMDC) has received approval for disposing undisposed minerals from its Bhadrasahi mine in Odisha.

In its regulatory filing, OMDC stated that the Orissa Minerals Development Company had received Order Government of Odisha, Steel & Mines Department on dated 26-11-2020 concerning the disposal of undisposed stock of minerals by The Orissa Minerals Development Company Limited from its Bhadrasahi Iron & Manganese mining lease over 998.70 hac.

Further, OMDC said, "And allow OMDC for disposal following the procedure laid down in IMPTS Rules, 2007 after the verification of such undisposed stock jointly by DDM, IBM and the lessee."

On Sensex, OMDC stock settled at Rs2612.90 per piece up Rs278 or 11.91%. The stock has gained to an intraday high of Rs2743.40 per piece. 

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