Adhunik Metaliks hit an upper circuit limit of 20% at Rs 18.80 at 10:19 IST on BSE after the company said its subsidiary was granted extension of lease for three of its manganese ore mines till 31 March 2020.
The announcement was made after market hours yesterday, 14 July 2015.
Meanwhile, the BSE Sensex was up 226.25 points, or 0.81%, to 28,159.15.
On BSE, so far 1.87 lakh shares were traded in the counter, compared with an average volume of 12,321 shares in the past one quarter.
The stock hit a low of Rs 17.85 in early trade. The stock hit a 52-week high of Rs 52.70 on 18 July 2014. The stock hit a record low of Rs 14 on 9 June 2015.
The stock had underperformed the market over the past one month till 14 July 2015, rising 4.67% compared with 5.71% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 31.89% as against Sensex's 3.83% fall.
The small-cap company has an equity capital of Rs 123.50 crore. Face value per share is Rs 10.
Adhunik Metaliks said that Orissa Manganese & Minerals (OMML), wholly-owned subsidiary of the company, have been granted extension of lease for their three manganese ore mines (Patmunda, Orahuri & Kusumudhi) till 31 March 2020 under merchant category. The requisite stamp duty and registration charges have already been deposited to the state government of Odisha. Patmunda mine has already re-started operation. OMML has requested the Government to extent the lease of these mines for further 10 years under captive clause, the company said in a statement.
Adhunik Metaliks reported net loss of Rs 82.06 crore in Q3 March 2015 as against net profit of Rs 4.60 crore in Q3 March 2014. Net sales declined 93.17% to Rs 30.81 crore in Q3 March 2015 over Q3 March 2014.
Adhunik Metaliks has emerged as one of the fastest growing alloy, special and construction steel manufacturing companies in the country with significant presence in the mining and power sectors through its subsidiaries. It has completed almost all major capital expenditure for both backward and forward integration and emerged as an integrated manufacturer of special steel with downstream utilization of products.
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