MOIL jumps over 3%

MOIL, the PSU mining manganese ore, is in the limelight today morning. The stock price rose over 3% to Rs.228.65, which is not too far away from its 52-week high of Rs.285.50.

The stock price is reacting to the company announcing a price hike, effective 1st March 2018, which is today.

It has increased the prices of ferro grade, SMGR and chemical grade by about 10% and that on fines has been increased by 5%.

The discount of 10% on some categories of fines continues.

Any price hike for the market is good news as it means a probably rise in profit margins.