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Ashapura Minechem stock hits 52-week high on bauxite export commencement
Edited by : AL CIRCLE
1 min read
Ashapura Minechem was locked in 5% upper circuit at Rs 32.75 after the company said it is likely to resume its bauxite exports from Jamnagar, Gujarat post the Supreme Court order.
“The Government of Gujarat has given conditional permissions in favour of certain mine owners to resume Bauxite sales after the ad-interim relief granted by the Supreme Court,” Ashapura Minechem said in a filing.
Accordingly, the Ashapura Minechem along with its subsidiaries is likely to resume its bauxite exports from Jamnagar, Gujarat on a best effort basis to the extent of availability/ raising of working capital, it added.
The stock currently trading at its 52-week high, has almost doubled in past one month from Rs 16.70 on July 23. A combined 244,760 shares have changed hands on the counter in opening deals and there are pending buy orders 164,558 shares on the NSE and BSE.
“The Government of Gujarat has given conditional permissions in favour of certain mine owners to resume Bauxite sales after the ad-interim relief granted by the Supreme Court,” Ashapura Minechem said in a filing.
Accordingly, the Ashapura Minechem along with its subsidiaries is likely to resume its bauxite exports from Jamnagar, Gujarat on a best effort basis to the extent of availability/ raising of working capital, it added.
The stock currently trading at its 52-week high, has almost doubled in past one month from Rs 16.70 on July 23. A combined 244,760 shares have changed hands on the counter in opening deals and there are pending buy orders 164,558 shares on the NSE and BSE.
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