State-run MOIL rose 3.35% to Rs 134.05 after the company said it raised product prices by 45% effective 1 May 2020.
The prices of all grades of ferro, SMGR grades (Mn 30% & Mn 25%), fines and chemical grades have been increased with effect from Friday, 1 May 2020 by 45% on the prices prevailing since 1 April 2020. The announcement was made on Saturday, 2 May 2020.
MOIL's consolidated net profit slumped 53.87% 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 53.843% stake in MOIL as on 31 March 2020.
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