PSU stock: MOIL shares climb 5% post FY24 production, sales data. Key details

Shares of MOIL Ltd climbed 5 per cent in Wednesday's trade after the PSU said it locked best ever production of any financial year since inception at 17.56 lakh tonnes, a jump of 35 per cent on yearly basis.

MOIL said the FY24 production was 29 per cent higher than the previous best ever production of 13.64 lakh tonnes in FY 2007-08.

Following the development, the stock rose 4.94 per cent to hit a high of Rs 319.70 on BSE. With this, MOIL shares have enter positive terrain for calendar 2024. The stock is up 1.5 per cent year-to-date.

"On the sales front, the company has achieved its best-ever sales of 15.36 lakh tonnes in FY’24, registering a remarkable growth of 30 per cent YoY. This is 10 per cent higher than the previous best-ever sales of 13.92 lakh tonnes in FY 2007-08, MOIL said.

In addition to that, the company achieved best ever production of Electrolytic Manganese Dioxide (EMD) at 1,413 tonnes, up 28 per cent YoY. EMD is a 100 per cent import substitution product, used mostly for pharmaceuticals and manufacturing of batteries.

"Giving utmost thrust to exploration, MOIL has carried out its best ever exploratory core drilling of 87,661 meters which is more than double than the previous year. The same will not only form the basis of enhanced production from its existing mines but will also be the foundation of opening new manganese mines in the country," MOIL said.

CMD Ajit Kumar Saxena said MOIL along with all functional directors & other senior officials personally visited all the mines on 1st April, 2024 "and congratulated large cross section of employees at each mine for this historical performance. The enthusiasm in the organisation was palpable along with the quest to achieve bigger milestones in the coming year."