State-run MOIL rose 3.84% to Rs 125.60 on bargain hunting after a recent slide.
Shares of MOIL slipped 11.32% in the past three trading sessions to settle at Rs 120.95 on Friday, 28 February 2020, from its close of Rs 136.40 on 25 February 2020.
Meanwhile, the company announced on Sunday, 1 March 2020, that the prices of all chemical grades have been reduced by about 5% on the prices prevailing since Saturday, 1 February 2020. The price of Balaghat Fines has been reduced by about 10% on the price prevailing since Saturday, 1 Feberuary 2020. Prices of all other grades of manganese ore i.e. Ferro grades, SMGR grades (mn-30% & mn-25%) and other grades of fines remain unchanged.
MOIL's consolidated net profit slumped 53.9% to Rs 55.46 crore on a 23% decline in net sales to Rs 256.22 crore in Q3 December 2019 over Q3 December 2018.
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 31 December 2019.
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