MOIL rose 1.86% to Rs 336 at 09:20 IST on BSE after the company announced increase in price of various grades of manganese ore effective from 1 June 2017.
The announcement was made after market hours yesterday, 31 May 2017.Meanwhile, the S&P BSE Sensex was up 23.30 points, or 0.07% at 31,169.10. The S&P BSE Mid-Cap index was up 53.02 points, or 0.36% at 14,678.31.
On the BSE, 19,000 shares were traded on the counter so far as against the average daily volumes of 49,550 shares in the past one quarter. The stock had hit a high of Rs 341.50 and a low of Rs 334.90 so far during the day. The stock had hit a 52-week high of Rs 429 on 12 January 2017 and hit a 52-week low of Rs 220.20 on 1 June 2016.
The mid-cap company has equity capital of Rs 133.19 crore. Face value per share is Rs 10.
MOIL announced that the prices have been increased by 10% on the existing prices prevailing since 1 May 2017 for all Ferro Grades of ore. The prices have been increased by 10% on all grades of SMGR (Mn 30%) and SMGR Low (Mn 25%) on the prevailing prices since 1 May 2017.
The prices have been increased by 10% on all grades of fines and chemical grades ore on the prevailing prices since 1 May 2017. However, prices of Electrolytic Manganese Dioxide (EMD) were kept unchanged. MOIL announced that the latest price increase is inline with the company's business practice of fixing/revising prices of different grades of manganese ore.
MOIL's net profit spurted 441.6% to Rs 115.80 crore on 19.8% increase in net sales to Rs 251.30 crore in Q4 March 2017 over Q4 March 2016.
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MOIL produces and sells different grades of manganese ore. Government of India currently holds 65.58% stake in MOIL (as per the shareholding pattern as on 31 March 2017).
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