Shares of this Miniratna Central Public Sector Entity (CPSE) gained around 2 percent in Friday’s trading session after the company provided key business updates on the production during 2023. In the past six months, the company’s shares gained nearly 90 percent.
With a market capitalization of Rs 6,223.60 crores, the stocks of MOIL Limited opened their trading hour on Friday at Rs 309.55 and closed at Rs 305.85, gaining approximately 2 percent compared to the previous closing levels of Rs 300.40 apiece.
In a recent regulatory filing with the Bombay Stock Exchange (BSE), the company announced that it has surpassed a significant milestone by way of surpassing 16 lakh tonnes of production for the year 2023. The same is an increase of approximately 26 percent as compared to the previous best figures achieved in the year 2019.
In addition, the company has focused on exploration efforts as well. In November 2023 alone, MOIL completed core drilling covering 7,551 metres, representing around 200 percent increase compared to November 2022.
To capitalise on emerging opportunities, the company has increased its investments both domestically and internationally. The company is actively developing existing mines and exploring prospects for new ones as well.
Coming onto the recent financial reports published, the company’s basic business indicators such as operating revenues and net profits took a hit in numbers with the former reducing from Rs 379.71 crores during Q1FY23-24 to Rs 347.53 crores during Q2FY23-24, and, the latter, during the same horizon, shifted down from Rs 86.57 crores to Rs 61.52 crores.
MOIL Limited is associated with the business of exploration, development, and marketing of manganese ores in India. The company manufactures as well as sells various grades of ores comprising high-grade, medium-grade, blast furnace-grade ores, and dioxide for dry battery cells & chemical industries.
Written by Amit Madnani
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