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MOIL shares rose on September 4 after reporting its best-ever best-ever August production of 1.24 lakh tonnes. The PSU operates its underground and opencast mines located in Maharashtra and Madhya Pradesh.
The prices of all Ferro grades of manganese ore with Manganese content of Mn-44 percent and above have been decreased by 20 percent prevailing since August 1.
In a related move, the basic price of EMD has been increased by Rs. 1000 per metric ton (PMT), from Rs. 209,000 PMT to Rs. 210,000 PMT for June 2024.
On the sales front, MOIL recorded the best-ever Q1 sales performance, registering sales of 3.96 lakh MT, marking a 39 percent YoY growth.
The 2-day offer for sale (OFS) of the government's 5 percent stake in BEL at a floor price of Rs 1,498 opened for non-retail investors today.
The Centre on Monday decided to sell the stake in the firm through an offer for sale at a floor price ofRs 365 per share.
As a business practise, MOIL has revised price of various grades of manganese ore for fourth quarter (January-March) effective from January 1, 2017.
The company has increased the prices of all ferro grades of ore, all grades of fines and all chemical grades ore by 30 percent, 25 percent and 10 percent respectively.
MOIL has confirmed to CNBC-TV18 that prices of ferro grades of ore with manganese content at 45 percent and above has been increased by 25 percent and that with less than 45 percent has been raised by 20 percent.
The MOIL, which is under the administrative control of the Ministry of Steel, is the largest producer of Manganese Ore in the country.
The state-run company, formerly known as Manganese Ore (India), has decreased the prices of all ferro grades of ore by 15 per cent over the previous quarter (April-June) prices.
In an interview with CNBC-TV18, GP Kundargi, CMD of MOIL said that manganese ore prices bottomed out in the fourth quarter of FY16 and prices are down by 60 percent year-on-year (YoY).
In a filing to BSE, country's largest manganese producer said it has increased the prices of all ferro grades of ore by 50 percent over previous quarter (January-March) prices.
The company has already signed contracts for dispatch of 4 lakh tonnes of ores inspite of increasing prices, said GP Kundargi, MD, MOIL.
In a filing to the BSE, country's largest manganese producer said it has reduced the prices of all ferro grades of ore by 10 percent over previous quarter (October-December 2015) prices.
MOIL has raised prices of manganese ore by 9% for April-June quarter, reports CNBC-TV18. At 09:46 hrs MOIL was quoting at Rs 240.60, up Rs 9.40, or 4.07%.
State-run MOIL Limited posted a 32% decline in net profit at Rs 101 crore for the second quarter of FY11. The company, which produces Manganese Ore, had a net profit of Rs 148.25 crore while their net sales stood at Rs 248.33 crore.
In a bid to regulate mining activities in Orissa's Joda and Koira regions, the state government today decided to develop a master plan to ensure that the cumulative effect of the extraction from individual mines is within sustainable limit, official sources said.
The price of Manganese Ore has come down globally, and Indian companies like MOIL are facing the heat. However, KJ Singh, the company's chairman and managing director says that the production mix is being played around with, in order to 'sustain the pressure'.
