MOIL stock rises as PSU achieves best-ever August production of 1.24 lakh tonnes

MOIL is under the administrative control of the Ministry of Steel. The PSU produces and sells different grades of manganese ore.

Shares of MOIL gained over 2 percent on September 4 after the state-owned company informed that it achieved the best-ever August production of 1.24 lakh tonnes. Its manganese ore production rose 7 per cent to 7.24 lakh tonnes during April-August period of FY25.

At 9:59 am, MOIL shares were trading 2.2 percent higher at Rs 396.90 on the National Stock Exchange (NSE).

MOIL is under the administrative control of the Ministry of Steel. The PSU produces and sells different grades of manganese ore.

The company in an exchange filing said that it "has achieved production of 7.24 lakh tonnes during first five months of the current financial year (April to August 2024), registering a growth of 7 percent over CPLY (corresponding period last year)".

MOIL achieved sales of 5.92 lakh tonnes during this period, which is almost at the same level as last year. This, the company said, is despite challenging market conditions and high international price volatility over the past few months.

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The PSU's revenue from operations rose by about 11 per cent during this period compared to the corresponding period of the last financial year. The company further informed that it has carried out exploratory core drilling of 46,585 metres up to August, which is 1.6 times more than the previous year, MOIL said.

At present, MOIL operates its underground and opencast mines located in Nagpur and Bhandara districts of Maharashtra and Balaghat district of Madhya Pradesh.

The stock has gained around 26 percent so far this year, outperforming Nifty's returns of 15 percent. In the past 12 months, the counter has risen 62 percent. In comparison, Nifty rose 28 percent during this period.

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