KIOCL surged 11.63% to Rs 477.60 after the Union steel and and heavy industries minister, H D Kumaraswamy approved the commencement of operations in Devadari iron ore mine in Sandur taluk of Ballari district in Karnataka.
According to reports, KIOCL intends to attain annual iron ore capacity of 2 million tonnes from the mine.KIOCL is a flagship company under the Ministry of Steel, GOI, with Mini Ratna status. It is an export-oriented unit with expertise in iron ore mining, filtration technology and production of high-quality pellets. The company has also ventured into operating and maintenance (O&M) services for steel projects. As of 31 March 2024, the Government of India held 99.03% stake in the company.
The company reported a standalone net loss of Rs 42.91 crore in Q4 FY24 as against a net profit of Rs 82.21 crore in Q4 FY23. Income from operations jumped 49.34% to Rs 372.18 crore in Q4 FY24.
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