The shares of India’s largest producer of manganese ore gained 6 percent to ₹281.90 per share on Friday after the company hiked its manganese ore prices by 5 percent.
At 12:55 p.m, the MOIL Ltd shares were trading at ₹274 per share, up 3.12 percent from the previous close price on the stock exchange. It belongs to the small-cap category of stocks with a market value of ₹5,576 crores.
MOIL has increased the prices of all ferro grades of manganese ore, significantly raising the manganese content of Mn-44 percent by 5 percent from the prevailing prices. effective March 1, 2024. The company reported this in its exchange filing.
The price for all Specific Grade of Manganese Ore,SMGR (Mn-30% & Mn-25%), fines, and chemical grades has been continued at the prevailing rates since 01.02.2024, effective from midnight of 29.02.2024/01.03.2024 for March 2024.
MOIL Ltd. is primarily engaged in the mining of manganese ore and is the largest manganese ore producer in the country. It is a Miniratna state-owned company owned by the Government of India.
MOIL is a producer of manganese ore. The company carries out exploration, exploitation, and marketing of various grades of manganese ore electrolytic manganese dioxide and high-carbon ferro manganese alloys. It operates seven underground mines and three opencast manganese ore mines.
The company manages the Ferro manganese plant in Balaghat, Madhya Pradesh, and the electrolytic manganese di-oxide ore plant in Dongri Buzurg, Maharashtra. The company also operates power wind farms in Nagda Hills and Retedi Hills, Madhya Pradesh.
MOIL shares have gained 13 percent in the last six months and 82 percent in a year. The company is the largest producer of manganese ore, with a market share of 50% in the country and large reserves of manganese ore.
In addition, MOIL Ltd’s year-on-year revenue saw a slight increase of 1.4 percent, rising from ₹302 crore in Q3 FY23 to ₹306 crore in Q3 FY24. Simultaneously, the net profit also surged by 35 percent, rising from ₹40 crore to ₹54 crore during this period.
The company’s revenue mix comprises 91% from mining products and 9% from manufactured products.
Written by Omkar Chitnis
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