MOIL up 5% on strong Q1 results, 1:1 bonus

The stock was up 5% at Rs 346 on BSE in otherwise weak market

MOIL was up 5% at Rs 346 on BSE in otherwise weak market as the company’s June quarter net profit more than doubled and the board recommended bonus share in the ratio of 1:1.

The board of directors of MOIL in their meeting held on August 10, 2017, has recommended issue of bonus shares in the ratio of (1:1) one equity share for each share held.

The state-owned mining company reported net profit of Rs 97.73 crore for the quarter ended June 2017 (Q1FY18). It had profit of Rs 47.15 crore in the same quarter last fiscal.

The company’s standalone revenue for the quarter grew 82.7% at Rs 339 crore, against Rs 186 crore in the corresponding quarter of previous fiscal.

At 10:33 am; the stock was up 4.5% at Rs 344, as compared to 0.67% decline in the S&P BSE Sensex. The trading volumes on the counter jumped more than two-fold with a combined 501,822 shares changed hands on BSE and NSE so far.