Shares of this Miniratna stock under the ‘small-cap’ category jumped up to 5 percent in Tuesday’s trading session after the company provided some key business updates for November 2023.
With a market capitalization of Rs 6,442.34 crores, the stocks of MOIL Limited opened their trading hour on Tuesday at Rs 319.85 and currently trades at Rs 316.60. The scrip witnessed an intra-day high of Rs 327.55 indicating a gain of approximately 5 percent as compared to the previous closing levels of Rs 312.80 apiece.
Such bullish stock price movements were observed after the company, via a recent regulatory filing with the Bombay Stock Exchange (BSE), provided some business updates pertaining to ore production. In November 2023, the company reported an ore production of 1.62 lakh metric tonnes (MT), which is 35 percent higher as compared to November 2022.
So far, in this financial year, i.e., from April-November 2023, the company has reported production of 10.9 lakh tonnes of manganese, registering a remarkable growth of 43 percent as compared to the same period previous year.
Having a look at the sales too, the company has continued to scale its business by marking a growth of 18 percent and 52 percent during the November 2023 and April-November 2023 period respectively.
MOIL Limited is the largest producer of manganese ore in India with a market share of approximately 46 percent in the country with large reserves of manganese ore. Out of a total of 503 million tonnes of manganese ore resources in India, MOIL is holding around 101 million tonnes of resources, i.e., 20 percent share.
During the recent financial quarters, the company has witnessed a dip in numbers as far as the operating revenues and net profits are concerned. The former reduced from Rs 379.71 crores during Q1FY23-24 to Rs 347.53 crores during Q2FY23-24, and, the latter, during the same period, moved down from Rs 86.57 crores to Rs 61.52 crores.
Manganese Ore (India) Limited, also known as MOIL Limited, is a mining company based in India with 11 major mines that focus on the mining and production of manganese ore. The company also manufactures ferro manganese and electrolytic manganese dioxide.
Written by Amit Madnani
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