MOIL surged 5.67% to Rs 170.60 after the company's production jumped 60% sequentially to 1.2 lakh tonne in November 2022.
On the sales front, MOIL said that it has recorded a growth of 82% during the period over the previous month, in spite of challenging market conditions.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 Government of India held 64.68% stake in MOIL as on 30 September 2022.
The company's consolidated net profit declined 7.4% to Rs 51.38 crore on a 4.5% rise in net sales to Rs 267.70 crore in Q2 FY23 over Q2 FY22.
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