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Orissa Minerals Development Company stock jumped 14 per cent or Rs 539 on the BSE to close at Rs 4,381. On the NSE, the Re 1 stock finished at Rs 4,360 with a traded quantity of 1.3 lakh.
“A clutch of punters continues push prices occasionally without a fundamental trigger. The recent stock split has not changed the scenario,” said a market player.
The Kolkata-headquartered OMDC is public sector mining company. It has six mines, all currently unoperational. According to management sources, there had not been any activity in any of its mines located in Keonjhar district of Odisha.
Once a Bird group company, now a step down subsidiary of RINL, it is unlikely to begin mining operation this financial year. Of the six mines, Kolha Roida Iron ore and manganese bearing deposit spread across 254.95 hectares, is entangled in lease right-related long-drawn legal problem even though OMDC obtained environmental clearance. Two other mines — Dalki manganese (267 hectare) and Thakurani iron and manganes (1,547 hectare) — are also enmeshed in lease issues.
Bhadrasai (iron and manganese deposit on 999 hectares), Belkundi (1,276 hectares) and Bagiaburu (22 hectare) though free from the problem of other three, but awaiting clearances.
> jayanta.mallick@thehindu.co.in
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