MOIL jumped 4.22% to Rs 167.75 after the company said it registered a production of 141,321 tonnes in December 2022.
Breaking a multi-year record, MOIL has registered best December production. It has increase 18% over November 2022.Sales at 1,64,235 tonnes for the month has surged by around 91% over November 2022.
Ajit Kumar Saxena, CMD MOIL, who has taken charge as CMD on 29 December 2022, shared that it is heartening to see MOIL team coming together to register such a performance and expressed confidence that the same will be continued.
Separately, MOIL has hiked the prices of all Ferro grades of manganese ore with Manganese content of Mn-44% and above, by 15% on the prevailing prices since 1 December 2022 w.e.f. midnight of 31 December 2022/ 1 January 2023.
The prices of all other Ferro grades of manganese ore with Manganese content below Mn-44%, SMGR (Mn-30% & Mn-25%), Fines and Chemical grades have been increased by 7.5% on the prevailing prices.
The basic price of EMD have been increased for the month of January 2023 from Rs 1,85,000 PMT to Rs 1,90,000 PMT.
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MOIL is a Schedule-A, Miniratna category-1 CPSE under the administrative control of Ministry of Steel, Government of India. MOIL is the largest producer of manganese ore in the country with a market share of ~45%, operating eleven mines in the State of Maharashtra and Madhya Pradesh. The company has ambitious vision of almost doubling its production to 3.00 million tonnes by 2030. MOIL is also exploring business opportunities in the State of Gujarat, Rajasthan and Odisha besides other areas in the State of Madhya Pradesh.
The company's consolidated net profit declined 7.4% to Rs 51.38 crore on a 4.5% rise in net sales to Rs 267.70 crore in Q2 FY23 over Q2 FY22.
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