Shares of this multibagger CPSE with ‘Miniratna’ status under the ‘small-cap’ category jumped 5 percent in Wednesday’s trading session after the company provided key business updates related to its sales and production volumes during FY24. In the last six months, the company’s stock gained close to 50 percent for its holders.
With a market capitalization of Rs 6,469.81 crores, the stocks of MOIL Limited opened their trading hour on Wednesday at Rs 311.65 and currently trades at Rs 318.85, gaining approximately 5 percent as compared to the previous closing levels of Rs 304.65 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 related to its production and sales numbers for FY24.
During the financial year mentioned above, the company reported its highest-ever production figures since inception at 17.56 lakh tonnes, registering a significant growth of 35 percent compared to the previous financial year.
The same is 29 percent higher compared to the best production levels previously recorded in FY07-08 of 13.64 lakh tonnes.
Having a glance at the sales numbers, the company successfully achieved its best figure of 15.36 lakh tonnes in FY24, registering a remarkable YoY growth of 30 percent. The same is 10 percent higher compared to the best sales levels previously recorded in FY07-08 of 13.92 lakh tonnes.
MOIL Limited is India’s largest producer of manganese with a market share of approximately 46 percent in the country. 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 348 crores during Q2FY24 to Rs 306 crores during Q3FY24, and, the latter, during the same period, moved down from Rs 62 crores to Rs 54 crores.
Keeping a purview of the last one year, the company’s stock delivered multibagger returns of around 120 percent to its shareholders, i.e., if someone had invested Rs 1 lakh into the company’s stock a year ago, it would have converted to Rs 2.20 lakhs.
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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