MOIL jumped 3.96% to Rs 250.50 at 12:26 IST on BSE after the company said that PL deeds were executed and registered for grant of prospecting licence by Government of Maharashtra over an area of 597.44 hectares in Nagpur and Bhandara districts.
The announcement was made during trading hours today, 24 March 2014.Meanwhile, the S&P BSE Sensex was up 236.38 points or 1.09% at 21,991.70.
On BSE, so far 98,000 shares were traded in the counter as against average daily volume of 9,612 shares in the past one quarter.
The stock was volatile. The stock surged as much as 7.88% at the day's high of Rs 259.95 so far during the day, which is a 52-week high for the counter. The stock rose 0.02% at the day's low of Rs 241 so far during the day. The stock had hit a record low of Rs 182.35 on 7 August 2013.
The stock had outperformed the market over the past one month till 22 March 2014, advancing 6.76% compared with Sensex's 5.09% rise. The scrip had, however, underperformed the market in past one quarter, gaining 1.32% as against Sensex's 3.2% rise.
The mid-cap company has equity capital of Rs 168 crore. Face value per share is Rs 10.
MOIL had on 10 July 2013 announced the grant of prospecting licence (PL) by Government of Maharashtra over an area of 597.44 hectares in Nagpur and Bhandara districts of Maharashtra. For MOIL, the grant of PL is a major achievement and will go a long way in not only increasing the life of the existing mines but also considerably improve the business prospects of the company to meet the growing demand of steel industry in India, the company said at that time.
MOIL's net profit jumped 38.8% to Rs 157.62 crore on 15.5% growth in net sales to Rs 263.62 crore in Q3 December 2013 over Q3 December 2012.
MOIL operates 10 mines, six located in the Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya Pradesh.
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