Orient Abrasives rises on getting nod for enhancement of Bauxite Mineral production capacity

Orient Abrasives (OAL), the largest producer of calcined and fused products in India, has received clearance from the Ministry of Environment, Forests and Climate Change, for enhancement of bauxite production capacity at their Kothariya bauxite mine and the Nandana I bauxite mine at Kalyanpur, Jamnagar, as well as the Avariyar II bauxite mine at Mevasa, Jamnagar.

The development saw share price of the company rising significantly. OAL is currently trading at INR 27.40, up by 0.10 points or 0.37% from its previous closing of INR 27.30 on the BSE. The scrip opened at INR 27.50 and has touched a high and low of INR 27.50 and INR 27.40 respectively. So far 8250 shares were traded on the counter.

The BSE group 'B ' stock of face value Rs. 1 has touched a 52 week high of INR 28.75 on 09-Mar-2015 and a 52 week low of INR 20.10 on 19-Aug-2014. Last one week high and low of the scrip stood at INR 27.50 and INR 26.80 respectively.

The current market cap of the company is INR 329.01 crore. The promoters holding in the company stood at 25.52% while institutions and non-institutions held 6.93% and 67.55% respectively.

Headquartered in New Delhi, OAL has manufacturing facilities in Porbandar, Gujarat and Bhiwadi, Rajasthan. The company boasts of a fairly large clientele in the domestic as well as international market.