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OMDC stock rallies 20% after company gets mining leases from Odisha government

Orissa Minerals Development Company Ltd (OMDC) is up 20% after receiving iron ore and manganese mining leases across the Keonjhar district. The company received mining leases for the following mines:

1) Bhadrasahi Iron and Manganese Ore Mines over 998.70 hectares
2) Roida-Bhadrasahi Iron Ore Mines over 103.600 hectares
3) Belkundi Iron and Manganese Ore Mines over 1276.790 hectares
4) Kolha-Roida Iron and/or Manganese Ore Mines over 254.952 hectares
5) Thakurani Iron and Manganese Ore Mines over 1546.55 hectares
6) Bagiaburu Iron Ore Mines over 21.52 hectares

Orissa Minerals Development Company Ltd is currently trading at Rs1,905.20 up by Rs317.5 or 20% from its previous closing of Rs1,587.70 on the BSE.

The scrip opened at Rs1,586.30 and has touched a high and low of Rs1,905.20 and Rs1,586.30 respectively.

The BSE group ‘B’ stock of face value Rs1 has touched a 52 week high of Rs2,342.30 on 07-Nov-2017 and a 52 week low of Rs1,550 on 26-Mar-2018. Last one week high and low of the scrip stood at Rs1,640.80 and Rs1,575 respectively.

The promoters holding in the company stood at 50.01 % while Institutions and Non-Institutions held 19.13 % and 30.86 % respectively.

The stock is currently trading above its 200 DMA.