scorecardresearch
Why are shares of MOIL rallying today

Why are shares of MOIL rallying today

The company registered best production in December at 141,321 tonnes, which is an increase of 18 per cent from November, breaking a multi-year record

Shares of MOIL have remained almost flat in the last one month and one year, whereas the stock is about 18 per cent high in the last six months from a price of Rs 143 apiece Shares of MOIL have remained almost flat in the last one month and one year, whereas the stock is about 18 per cent high in the last six months from a price of Rs 143 apiece

Shares of MOIL Limited (MOIL) jumped about 6 per cent during the early trade on Monday following a multi-year record production in the month of December, 2022. The company registered best production in December at 141,321 tonnes, which is an increase of 18 per cent from November, breaking a multi-year record, the company said in the regulatory filing with exchanges. Sales at 164,235 tonnes for the month grew by about 91 per cent compared to November, the PSU player's filing added. "Further, the company has increased prices across grades in the range of 2.7-15 per cent effective Sunday." Shares of MOIL have remained almost flat in the last one month and one year, whereas the stock is about 18 per cent high in the last six months from a price of Rs 143 apiece. It is heartening to see the MOIL team coming together to register such a performance and expressed confidence that the same will be continued, said Ajit Kumar Saxena, CMD at MOIL, who took the charge at his post on December 29, 2022. The company has increased the prices of all ferro grade manganese ore with manganese content of 44 per cent and more by 15 per cent from midnight of December 31, 2022, the company said in another exchange filing. The prices of all other ferro grades of manganese ore with Manganese content below 44 per cent, Fines and Chemical grades have been increased by 7.5 per cent, said the company. MOIL is a miniratna category, under the control of the Ministry of Steel, Government of India. It has a vision of almost doubling its production to 3.00 million tonnes by 2030. MOIL is the largest producer of manganese ore in the country with a market share of about 45 per cent, operating eleven mines in the State of Maharashtra and Madhya Pradesh. MOIL is also exploring business opportunities in the State of Gujarat, Rajasthan and Odisha besides other areas in the State of Madhya Pradesh.

Also Read: Wipro, HCL Tech, TechM, Infosys and TCS: IT stocks that analysts picked ahead of Q3 results

Published on: Jan 02, 2023, 1:12 PM IST
Posted by: Priya Raghuvanshi, Jan 02, 2023, 1:09 PM IST