KIOCL shares hit 20% upper circuit after Mangaluru pellet unit restarts operations

  • IANS
  • Stock Market News
KIOCL shares hit 20% upper circuit after Mangaluru pellet unit restarts operations
Credit: © Reuters.

New Delhi, Oct 17 (IANS) KIOCL shares jumped by 20 per cent on Tuesday for the second session in a row after its Mangaluru pellet manufacturing unit commenced operations on October 14, Vaibhav Vidwani, Research Analyst, Bonanza Portfolio, said.Due to a shortage of iron ore fines and necessary repair, the activities were temporarily halted. Shares of KIOCL were locked in at the upper circuit price of Rs 476.40, he said.

Suzuki Motor will receive Rs 12,841 crore ($1.54 billion) in shares from Maruti Suzuki (NS: MRTI ) India in order to purchase a local manufacturing unit in Gujarat.

This is the first time Maruti has published a price for the facility, which has a capacity of 7,50,000 vehicles per year.

Suzuki anticipates that complete ownership of the factory would offer it greater control over output, including electric vehicles, and will allow it to better adjust production to fluctuations in demand, he said.

Rupak De, Senior Technical analyst at LKP Securities said the market started to gap up following strong global sentiment and has so far remained in strength.

The short-term trend remains strong as the index sustains above critical moving averages on the daily timeframe.

A "buy on dips" strategy is favored as long as it remains above 19,550. On the higher end, it might move towards 20,000-20,200.

--IANS

san/pgh

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100

Related Articles