MOIL shines bright

MOIL is doing very well today morning and this enthusiasm is on the back of its best-ever production of 1.24 lakh tonnes released for August’24.

Its manganese ore production was at 7.24 lakh tonnes for April-August period of FY25, up 7% (YoY).

Despite challenging market conditions and high international price volatility, its sales came in at 5.92 lakh tonnes, a flat growth. The revenue from operations of the PSU rose by about 11% during April- Aug.

MOIL has carried out exploratory core drilling of 46,585 metres up to Aug., which is 1.6 times more than the previous year.

The PSU, effective September 1, 2024,  reduced prices across several categories of Manganese Ore and related products. Ferro grades with a manganese content of 44% price was reduced 20% from the rates set on August 1, 2024. Ferro grades with lower manganese content, as well as SMGR (Mn-30 per cent and Mn-25 per cent), Fines, and Chemical grades, prices decreased by 15%.

The stock price, which had closed yesterday at Rs.388.25, opened today at Rs.388.50 but soon jumped up to Rs.400.50, up 3%. Its 52-week high is at Rs.588.35.