 "MOIL up 6% on posting biz update; expects to surpass best ever Q3 revenue")
MOIL shares jumped 6.2 per cent in Friday's trade on BSE logging an intraday high at Rs 359.35 per share. The upmove in the stock came after the company said it achieved best ever Q3 performance in October-December, 2024.
Around 10:13 AM, MOIL share price was up 3.45 per cent at Rs 359.35 per share on BSE. In comparison, the BSE Sensex was down 0.63 per cent at 79,439.78. The market capitalisation of the company stood at Rs 7,116.90 crore. The 52-week high of the stock stood at Rs 588.35 per share and the 52-week low stood at Rs 259.5 per share.
In its Q3 update, MOIL announced that it achieved best ever Q3 production of manganese ore of 4.6 lakh tonnes with Q3 sales of 3.88 lakh tonnes, higher by 13 per cent over corresponding period of last year.
Additionally, its during April-December, 2024 period, MOIL registered production of 13.3 lakh tonnes, higher by about 4.5 per cent over previous year. Its sales rose 3.5 per cent year-on-year (Y-o-Y) to 11.39 lakh tonnes. Besides, its exploratory core drilling was higher by 19 per cent Y-o-Y to 72,340 meters. "With the above record-breaking performance, MOIL is expected to surpass the best ever Q3 revenue," the filing read.
During the first eight months of FY2025,MOIL had recorded production of 11.80 lakh tonnes, which is higher by 8.46 per cent over the corresponding period last year. Its sales had achieved November sales of 1.33 lakh tonnes, higher by 32 per cent as compared to a year ago.
Meanwhile, during the first eight months of FY25, the company registered sales of 9.90 lakh tonnes, which is higher by 4.76 per cent Y-o-Y and it surpassed a turnover of Rs 1,000 crore within 8 months of FY2025.
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MOIL is one of India’s leading mining companies, primarily involved in the extraction and production of manganese ore. It plays a crucial role in meeting the country’s manganese ore requirements, which is vital for steel production and other industrial applications.
In the past one year, MOIL shares have gained 7 per cent against Sensex's rise of 12 per cent.