The company made this announcement during trading hours today, 25 July 2012.

Meanwhile, the BSE Sensex was down 57.47 points or 0.34% to 16,860.61.

On BSE, 7,264 shares were traded in the counter compared as against average daily volume of 760 shares over the past one quarter.

The stock hit a low of Rs 30,500 so far during the day.

The stock had outperformed the market over the past one month till 24 July 2012, jumping 10.17% compared with the Sensex's 0.32% fall. The scrip had, however, underperformed the market in past one quarter, tumbling 8.13% as against Sensex's 1.68% fall.

Orissa Minerals Development Company (OMDC) said it has received environment clearance from Ministry of Environment and Forest (MoEF) for production of 3 million tonnes per annum (mtpa) of iron ore and 0.24 mtpa of manganese ore at its Kolha-Roida iron and manganese mines.

OMDC's net profit fell 55.4% to Rs 3.44 crore on 38.3% decline in total income to Rs 61.19 crore in the year ended 31 March 2012 over the year ended 31 March 2011.

The state-run OMDC 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. The Government of India holds 50.01% stake in OMDC (as per the shareholding pattern as on 30 June 2012).