Kirloskar Ferrous drops despite getting declared as preferred bidder for Karnataka mine

The Government of Karnataka had invited tenders to participate in an electronic auction for the grant of mining lease for iron ore mines in the state, the company said in an exchange filing.

Dec 06, 2018 06:12 IST India Infoline News Service

Kirloskar Ferrous
Shares of Kirloskar Ferrous reversed their uptrend after rising over 4% in morning trade.

The Government of Karnataka had invited tenders to participate in the electronic auction for the grant of mining lease of iron ore mines in the state wherein the company had submitted a bid.

As per the letter on December 5, 2018 issued by the Office of Director, Department of Mines and Geology, Government of Karnataka, the company has been declared as a preferred bidder in the e-auction of M Channakesava Reddy (Lakshmi Narasimha Mining Co) (ML No. 2566) based on the highest final price offer submitted by the company.

The grant of the mining lease shall be subject to making \necessary payments, completion of other terms and conditions of the tender document, obtaining of necessary approvals/permissions/clearances from various government departments/agencies and execution of necessary agreements/deeds in the matter, the company added.

Kirloskar Ferrous Industries Ltd is currently trading at Rs86.25, down 3.14% from its previous closing of Rs89.05 on the BSE.

The scrip opened at Rs89.60 and has touched a high and low of Rs92.95 and Rs86.05 respectively.

Related Story