MOIL gains on price hike of manganese ore

The stock rallied 5% to Rs 200 on BSE after the company said it hiked prices of various grades of manganese ore with effect from October 1, 2017.

MOIL rallied 5% to Rs 200 on BSE after the company said it hiked prices of various grades of manganese ore with effect from October 1, 2017.

The company has fixed/revised prices of different grades of manganese ore and other products, effective from October 1, 2017.

“The prices of various grade of manganese ore have been increased by 7.25% on the existing prices prevailing since July 1, 2017,” MOIL said in a statement.

The price of electrolytic manganese dioxide (EMD) has been increased by 2.36%, it added.

Meanwhile, the price of ferro manganese/ferro manganese slag and some identified grades of manganese ore continue to be sold on e-auction basis through MSTC, the company said.

At 11:58 AM; the stock was up 4% at Rs 197 on BSE, as compared to 0.83% rise in the S&P BSE Sensex. A combined 253,514 shares changed hands on the counter on BSE and NSE so far.