MOIL shares jump 7% in trade; here's what's boosting rally in stock

On the sales front, MOIL has achieved November sales of 1.33 lakh tonnes, higher by 32 per cent as compared to a year ago

MOIL shares jumped 7.2 per cent on Tuesday and logged an intraday high at Rs 342.3 per share. The rally in the stock came after the company announced it had achieved the best November performance.

 

Around 1:03 PM, MOIL share price was up 5.83 per cent at Rs 337.85 per share. In comparison, the BSE Sensex was up 0.66 per cent at 80,777.2. The market capitalisation of the company stood at Rs 6,874.75 crore. The 52-week high of the stock stood at Rs 588.35 per share and 52-week low of the stock stood at Rs 259.5 per share.

 

"MOIL has recorded production of 1.63 lakh tonnes of Manganese Ore in November 2024, which is the best November performance since inception," the filing read. 

 

 

It added: During the first eight months of FY’25, the company recorded production of 11.80 lakh tonnes, which is higher by 8.46 per cent over the corresponding period last year.

 

On the sales front, the company has achieved November sales of 1.33 lakh tonnes, higher by 32 per cent as compared to a year ago. 

 

During the first eight months of FY25, the company registered sales of 9.90 lakh tonnes, which is higher by 4.76 per cent year-on-year (Y-o-Y).

 

The company has surpassed a turnover of Rs 1,000 crore within 8 months of FY’25, achieving this milestone over a month earlier than last year. 

 

Meanwhile, MOIL has carried out exploratory core drilling of 63,654 meters during April-November, 2024, which is 1.28 times as compared to a year ago. 

 

"It is heartening that the company has continued the momentum of upward performance both in production and sales. He further added that the MOIL team is geared up to register yet another successful financial year," said Ajit Kumar Saxena, CMD MOIL. 

 

MOIL (Manganese Ore India Limited) is a state-owned company in India, primarily engaged in the mining and production of manganese ore, which is a key raw material used in the manufacturing of steel and other industries. Established in 1962, MOIL is one of the largest producers of manganese ore in India, and it operates mines in various states, including Madhya Pradesh and Maharashtra.

 

The company plays a significant role in India's steel industry, as manganese is essential for making steel. The company also produces ferroalloys and other by-products related to manganese ore.

 

In the past one year, MOIL shares have gained 2 per cent against Sensex's rise of 16.5 per cent.