ATLANTA, Jan. 18, 2011 (GLOBE NEWSWIRE) -- OTC Stock Review announces it has published a report on India Globalization Capital, Inc. (NYSE Amex:IGC). IGC is a pure play on the Chinese economy and the Indian government's plan to spend $22 billion in the next 12 months on roads, highways, materials, and construction. The real play, however, is in the exportation of iron ore to China.
Shares of IGC have declined since the Indian state of Karnataka banned exports of iron ore from 10 ports in July. In our opinion, this has created a huge buying opportunity on shares of IGC. Three mining firms, Sesa Goa Ltd., MSPL and SB Minerals, challenged the state government's July 28 order. In New Delhi last week, the Supreme Court gave the Karnataka government two more weeks to respond to a plea against its ban on transportation of iron ore outside the state for exports.
We alerted our subscribers to IGC in April, 2010 at $1.10 per share. Less than 60 days later, IGC announced a $35 million iron ore contract with a leading Chinese mining and smelting conglomerate. The stock moved sharply higher to trade at $2.50 on heavier than normal volume. When it looked like Karnatakan officials were going to open the ports again, shares of IGC rallied to trade as high as $1.28 on September 29, 2010. The ban on ore in Karnataka is expected to be lifted in Q1 and may be as early as the end of January 2011, according to the court order. If the ban is lifted at the end of January, investors in IGC could see a strong move to the upside.
The complete report is available at http://www.otcstockreview.com/IGC_Review_2.pdf.
Additionally, more information on India Globalization Capital is available at http://www.indiaglobalcap.com.
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