MOIL rose 1.43% to Rs 142.25 after the company said it hiked prices of different grades of manganese ore and other products, effective from 1 October 2020.
The prices of all grades of ferro, SMGR grades (Mn30% & Mn25%), fines and chemical grades have been increased by about 7.5% from 1 October 2020 on the prices prevailing since 1 September 2020. The announcement was made after market hours yesterday, 30 September 2020.Bulk quantity discount of 10% on the basic price of BGF534 will be offered on the full quantity lifted, if the lifted quantity by customer exceeds 5500 MT during the Oct-Dec 2020 quarter, Moil said.
The basic price of Electrolytic Manganese Di-oxide (EMD) has been continued as prevailing since 1 July 2020. Ferro Manganese/Ferro Manganese Slag and some identified grades of Manganese Ore will continue to be sold by e-auction as well as through Metal Mandi (M3) of MSTC, in line with the existing practice.
MOIL reported a 97.9% fall in consolidated net profit to Rs 1.88 crore on 45.6% fall in net sales to Rs 152.33 crore in Q1 June 2020 over Q1 June 2019.
MOIL is engaged in the exploration, exploitation and marketing of manganese ore and products, such as electrolytic manganese dioxide and high carbon ferro manganese alloy. The company operates through three segments: mining, manufacturing and power generation. The Government of India holds 53.84% stake in MOIL as on 30 June 2020.
The scrip has surged 63.88% from its 52-week low of Rs 86.80 hit on 24 March 2020. On the technical front, the stock's RSI (relative strength index) stood at 46.277. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
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The stock was trading between its 50-day moving average (DMA) placed at 145.97 and its 200-day moving average (DMA) placed at 138.72.
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