MOIL shines bright

MOIL is among the top three gainers on the BSE since the opening bell today; from its close of Rs.279.50, the stock opened at Rs.288 and rose to an intraday high at Rs.313.25. Its 52-week high is at Rs.369.15. Volumes are up over 4.5x.

The stock price rose as the company announced that it has achieved its best ever February production for April-Feb, surging up by 37% (YoY) with sales racing 32%.

MOIL’s manganese production was at 1.51 lakh tonnes, higher 15%. Production of 15.84 lakh tonnes upto February, 2024, has registered a remarkable growth of 37%,  surpassing best ever production of any financial year since inception.

On the sales front too, the company has achieved sales of 1.56 lakh tonnes, 18 percent higher than Feb, 2023. During the year (upto Feb,24) sales of 13.91 lakh tonnes has been achieved, scaling an impressive growth of 32%.

With increased focus on exploration, in the current FY upto February, 2024, MOIL has carried out core drilling of 78,922 meters which is more than double YoY.