The company made this announcement after market hours on Monday, 2 January 2012. Ahead of the announcement, the Orissa Minerals Development Company (OMDC) stock had surged 19.58% to Rs 34,905.30 on that day.

Meanwhile, the BSE Sensex was up 268.84 points, or 1.73% to 15,786.76

On BSE, 2,324 shares were traded in the counter compared as against average daily volume of 1,170 shares over the past one quarter.

The stock hit a high of Rs 36,740 and a low of Rs 34,919.70 so far during the day. The stock had hit a 52-week low of Rs 26,710 on 19 December 2011. The stock had hit a 52-week high of Rs 66,999 on 5 April 2011.

The mid-cap stock underperformed the market over the past one month till 2 January 2012, falling 9.18% compared with the Sensex's fall of 7.89%. The scrip also underperformed the market in past one quarter, sliding 20.11% as against 5.69% decline in the Sensex.

The state-run iron ore miner has equity capital of Rs 0.60 crore. Face value per share is Rs 10.

OMDC reported net loss of Rs 0.23 crore in Q2 September 2011, lower than net loss of Rs 4.02 crore in Q2 September 2010. Total income declined 41% to Rs 14.91 crore in Q2 September 2011 over Q2 September 2010.

The company was incorporated in the year 1918. Its mines are located around Barbil in Keonjhar District of Odisha. It is one of the oldest iron ore mining companies in India.