The company made this announcement during market hours today, 13 October 2011.

Meanwhile, the BSE Sensex was down 54.84 points, or 0.32% to 16,903.55

On BSE, 5,186 shares were traded in the counter as against average daily volume of 1,346 shares over the past one quarter.

The stock hit a high of Rs 327 and a low of Rs 312.75 so far during the day. The stock had hit a 52-week high of Rs 833 on 13 October 2010 and a 52-week low of Rs 276.30 on 7 October 2011.

The small-cap stock had underperformed the market over the past one month till 12 October 2011, falling 6.82% compared with the Sensex's 2.77% return. The scrip had also underperformed the market in past one quarter, sliding 32.3% as against 7.89% decline in the Sensex.

The company's equity capital is Rs 26.32 crore. Face value per share is Rs 10.

Indian Metals & Ferro Alloys said that Ministry of Environment & Forests (F.C. Division), Government of India vide its letter dated 7 October 2011 granted its final approval under Section 2 of the Forest (Conservation) Act, 1980 for diversion of 149 HA forest land in Utkal-C coal block in Village Raijharan, Nandichor, Similisahi and Golagadia under Chhendipada Tahasil of Angul District, Odisha for coal mining in favour of company's subsidiary Utkal Coal.

Indian Metals & Ferro Alloys' net profit fell 31.1% to Rs 37.42 crore on 10.5% rise in net sales to Rs 260.41 crore in Q1 June 2011 over Q1 June 2010.

Indian Metals and Ferro Alloys is one of the largest integrated producers of ferro alloys in the country.