India's KIOCL jumps 18% on govt approval for mineral exploration projects

KIOCL

17/04/2023 05:31

** Shares of KIOCL Ltd  KIOC.NS  rise as much as 18.2% to
212.95 rupees, their sharpest intraday pct gain since July 5,
2022
    ** Iron ore pellet producer says National Mineral
Exploration Trust (NMET), Ministry of Mines, Indian govt
approved two mineral exploration projects to be executed by co
    ** Projects are each worth 14.8 million rupees ($180,586.91)
and 23.3 million rupees 
    ** Stock crosses 50-,100- and 200-day moving averages for
the first time since March 9
    ** Stock at its highest in nearly 2 months since Feb. 21
    ** Relative Strength Index above 70, suggesting bullish
momentum
    ** Co on track for eighth consecutive session of gains, if
trends hold
    ** More than 266,650 shares change hands by 9:44 a.m. IST,
8.7x 30-day avg of 30,746 shares
    ** Stock up 12.1% YTD, as of last close


($1 = 81.9550 Indian rupees)

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((Dimpal.Gulwani@thomsonreuters.com;))