Adhunik Metaliks, engaged in mining, steel, power, and value added steel products, witnessed a sharp rise in share price on Wednesday after it announced that Orissa Manganese & Minerals (OMML), a wholly owned subsidiary of the company, has been granted extension of lease for their three manganese ore mines (Patmunda, Orahuri & Kusumudhi) till Mar. 31, 2020 under merchant category.

The requisite stamp duty and registration charges have already been deposited to the State Government of Odisha. Patmunda mine has already re-started operation. OMML has requested the Government to extent the lease of these mines for further 10 years under captive clause.

Shares of Adhunik Metaliks are trading at Rs 18.80, up Rs 3.1, or 19.75% at the Bombay Stock Exchange (BSE) on Wednesday at 11:43 a.m.

Total volume of shares traded on the bourses today was higher by 616.23% to 751,721 compared with 22-day average volume of 104,955.