KIOCL rises 4.5% after getting approval from NMET to execute mineral exploration project

The mineral exploration project will be funded by NMET. The duration of the project is 7 to 9 months.

Jan 29, 2020 08:01 IST India Infoline News Service

Mining

KIOCL Ltd. informed that the National Mineral Exploration Trust (NMET), Ministry of Mines, vide its Office Memorandum dated 27th January, 2020, has approved mineral exploration project to be executed by KIOCL at an estimated cost of Rs270 lakh.

The mineral exploration project will be funded by NMET.

The duration of the project is 7 to 9 months.

The project involves the general exploration for limestone block in Reddipalaiyam Amalgamated Block, Ariyalur District, Tamil Nadu.

KIOCL Ltd is currently trading at Rs124.80 up by Rs5.4 or 4.52% from its previous closing of Rs119.40 on the BSE.

The scrip opened at Rs123.25 and has touched a high and low of Rs126.70 and Rs121.50 respectively. So far 33,024 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs7,425.79cr.

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