Orissa Minerals Development Company jumped 7.01% to Rs 49,350 at 11:14 IST on BSE after the company said its board of directors will consider proposal for bonus issue and 10-for-1 stock split on 9 August 2012.
The company made this announcement during trading hours today, 1 August 2012.
Meanwhile, the BSE Sensex was up 13.42 points or 0.08% to 17,249.60.
On BSE, 5,518 shares were traded in the counter compared as against average daily volume of 1,216 shares over the past one quarter.
The stock hit a high of Rs 50,400 and a low of Rs 46,250 so far during the day.
The stock had outperformed the market over the past one month till 31 July 2012, surging 40.13% compared with the Sensex's 1.11% fall. The scrip had also outperformed the market in past one quarter, jumping 38.36% as against Sensex's 0.48% fall.
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Orissa Minerals Development Company (OMDC) said the board will also consider proposal for merger of Bisra Stone Lime Company (BSLC) with the company.
OMDC on 25 July 2012 said it had received environment clearance from Ministry of Environment and Forest (MoEF) 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.
OMDC's net profit fell 55.4% to Rs 3.44 crore on 38.3% decline in total income to Rs 61.19 crore in the year ended 31 March 2012 over the year ended 31 March 2011.
State-run OMDC was incorporated in the year 1918. Its mines are located around Barbil in Keonjhar District of Odisha. It is one of the oldest iron ore mining companies in India. The Government of India holds 50.01% stake in OMDC (as per the shareholding pattern as on 30 June 2012).
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