Adhunik Metaliks is doing rather well today. Know why

Shares of small cap Adhunik Metaliks rose limit up 20 percent after the metals company got a state government nod on a lease renewal of three of its captive mins.

The stock ended at Rs 18.80, up 19.75 per cent.

Adhunik rose 3.10 rupees, or 19.8 percent, to trade at 18.75 rupees on the National Stock Exchange, where more than 564,000 shares were traded compared with a 5-day average of 53,200 shares.

Adhunik Metaliks has three manganese ore mines in Odisha whose leases have been renewed till March 2020. The company has requested the government to give it another extension of 10 years, it said in a note to the Bombay Stock Exchange.

Adhunik's market capitalisation has fallen 60 percent over the past one year to 232 crore rupees as investors turned away from metal companies.