KIOCL Limited has seen a strong surge in its stock, with its share price hitting a 20% upper circuit on Tuesday, reaching a new 52-week high. This positive momentum has continued over recent trading sessions.
It’s worth noting that KIOCL shares have experienced a remarkable 46% increase in value over the past five trading sessions. The driving force behind this surge was KIOCL’s announcement on October 14, 2023, confirming the resumption of operations at its Pellet Plant Unit in Mangalore.
Over the past year, KIOCL’s stock has consistently demonstrated growth, achieving gains of nearly 160%. In the span of six months, it has risen by over 131%, and in the year 2023 alone, it has shown an impressive increase of 110%.
Despite these substantial gains, the stock maintains a strong price-volume structure, indicating the potential for sustained upward momentum.
This recent surge can be primarily attributed to the restart of operations at the Mangalore plant, which had been temporarily suspended due to the unavailability of iron ore fines and the need for essential maintenance.
KIOCL officially communicated this development to the stock exchanges after temporarily suspending its plant activities on September 28, 2023. The statement cited the unavailability of iron ore fines and the necessity for maintenance activities as the reasons behind the suspension.