Adhunik Metaliks acquires Orissa Manganese & Minerals as 100% subsidiary

Adhunik Metaliks Ltd has announced that the Company has acquired Orissa Manganese & Minerals Pvt Ltd as 100% subsidiary. 0MM is a Company having mining rights for reserves of 15.00 million tones for manganese ore and 35.00 million tones for iron ore. The Company plans manganese ore mining immediately and iron ore mining within a period of 3-6 months.

The above mines do not have captive clause and the manganese ore and iron ore can be sold in the open market to various end users.

The shares were trading at Rs.37.75, up by Rs.1.55 or 4.28%. The stock had hit an intraday high of Rs.38.55 and low of Rs.36.60. The volume was 58963 compared to 2 week average quantity of 101485.

Source : Equity Bulls

Keywords