MOIL up 5% on strong Q1 results, 1:1 bonus

The stock was up 5% at Rs 346 on BSE in otherwise weak market

MOIL was up 5% at Rs 346 on BSE in otherwise weak market as the company’s June quarter net profit more than doubled and the board recommended bonus share in the ratio of 1:1.

The board of directors of MOIL in their meeting held on August 10, 2017, has recommended issue of bonus shares in the ratio of (1:1) one equity share for each share held.

The state-owned mining company reported net profit of Rs 97.73 crore for the quarter ended June 2017 (Q1FY18). It had profit of Rs 47.15 crore in the same quarter last fiscal.