The shares of Moil Ltd were trading 5 percent higher at Rs 167.80 levels till the afternoon on Monday against its previous close of Rs 161.05. The stock scaled higher after the company’s production and sales last month reached a record high.
The company has registered the best December production of 1,41,321 in 2022. This was an 18 percent increase from November 2022. The sales of the company rose by 91 percent and stood at 1,64,235 tonnes for the month. In addition to that, the company also revised prices of Manganese Ore and other products, effective from January 1st, 2023.
The company increased the prices of all Ferro grade manganese ore with a manganese content of 44 percent and more by 15 percent. The prices of all other Ferro grades of manganese ore with Manganese content below 44 percent, Fines, and Chemical grades have been increased by 7.5 percent.
MOIL Limited is a Miniratna CPSE under the administrative control of the Ministry of Steel. It is the largest producer of manganese ore in the country with a market share of 45 percent.
In the last five days, the stock has zoomed by 7 percent and in the span of six months, the stock has zoomed by 18 percent. The stock reached its 52-week high of Rs 197.40 in April last year. Currently it is trading at a discount of 13 percent from those levels.
The state-owned manganese mining major operates a total of 11 mines out of which seven are in the Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya Pradesh. Further, the company is exploring business opportunities in Gujarat, Rajasthan, and Odisha besides Madhya Pradesh.
Written by Anoushka Roy
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