Kolkata-headquartered Adhunik Metaliks Limited has informed that the Central Government has in principally approved (on the recommendation of forest advisory committee) for diversion of 141.147 ha of forest land for Iron Ore mines in Ghathuri Iron Ore Mines situated at Singhbhum district of Jharkhand State.

The Government has advised the company to deposit the Net Present Value (NPV) of the forest area under this proposal to the state government. Based on the above approval, the company envisages starting extraction of iron ore in the forthcoming quarter.

Adhunik Metaliks Limited manufactures and markets value added steel, alloy steel, and stainless steel products in India.

India Infoline recommends a 'buy' rating on Adhunik Metaliks (AML) with a target price of Rs 244 per share, implying an upside of 105% from current market price of Rs 122.