 "MOIL shares decline 4% after revising prices of manganese ore & EMD")
MOIL shares lost 4.4 per cent in trade and registered an intraday low of Rs 319.5 per share on BSE. The stock declined after the company made downward revisions in prices of different grades of Manganese Ore and Electrolytic Manganese Dioxide (EMD) for third quarter effective November 1, 2024.
Around 2:19 PM, MOIL shares were down 3.24 per cent at Rs 323.55 per share. In comparison, the BSE Sensex was down 1.4 per cent at 78,605.75. The market capitalisation of the company stood at Rs 6,583.76 crore. The 52 week high of the stock was at Rs 588.35 per share and 52 week low was at Rs 230.75 per share on BSE.
"It is to inform that in line with the business practice of fixing/revising prices of Manganese Ore and other products, the company has fixed/revised prices of different grades of Manganese Ore and other products, effective from November 1, 2024," the filing read.
The company has reduced the prices of all Ferro grades of manganese ore with a Manganese content of Mn-44 per cent and by 7 per cent on the prevailing prices.
Further, the prices of all other Ferro grades of manganese ore with Manganese content below Mn-44 per cent have been decreased by 1 per cent.
The prices of all SMGR (Mn-30 per cent and Mn-25 per cent), fines and chemical grades have been decreased by 1 per cent. SMGR is a grade of manganese ore that can have a manganese content of 25 per cent or 30 per cent.
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Lastly, the basic price was continued at Rs 2,05,000 PMT for EMD for November 2024.
Manganese is a transition metal, has diverse industrial applications, especially in stainless steels where it enhances strength, workability, and wear resistance.
MOIL Limited, short for Manganese Ore India Limited, is a state-owned mining company in India. It primarily engages in the mining of manganese ore, which is a key ingredient in steel production and various industrial applications. Established in 1962, MOIL operates several mines in the states of Madhya Pradesh and Maharashtra.
The company is involved in the exploration, extraction, and processing of manganese ore and has been a significant contributor to the country’s manganese production. MOIL also focuses on sustainable mining practices and community development initiatives in the areas where it operates.
In the past one year, MOIL shares have gained 41.7 per cent against Sensex's rise of 24 per cent.