Moil shares rise 10% after 40% hike in manganese, ferro grade ore prices

MOIL Ltd shares rallied more than 10% to hit a fresh 52-week high on Thursday, May 2, after the leading manganese ore producer hiked prices of different grades of ore and Electrolytic Manganese Dioxide by up to 40% for the month of May.

MOIL Ltd informed bourses that it has increased the prices of different grades of manganese ore and Electrolytic Manganese Dioxide (EMD) by up to 40% with effect from May 1, 2024.

The Nagpur-based miner increased the prices of all Ferro grades of manganese ore with Manganese content of Mn-44% and above by 40%. MOIL had hiked prices of Mn-44% and above ore by 6% in April.

Similarly, MOIL hiked prices of all other Ferro grades of manganese ore with Manganese content below Mn-44% by 25%. It increased the prices of this grade of ore by 3% for April.

The prices of all SMGR (Mn-30% & Mn-25%), Fines and Chemical grades have been increased by 25% following a 3% hike in April, MOIL said in the stock exchange filing.

MOIL also increased the basic price EMD by ₹2,000 to ₹2,09,000 per tonne for May from ₹2,07,000 per tonne in April. The EMD price was also hiked by ₹2,000 per tonne in April.

MOIL shares jump to 52-week high after price hike

MOIL shares raced more than 10% to hit a 52-week high of ₹447.25 per piece on the NSE in morning deals after the price hike. More than 68 lakh shares of MOIL changed hands on NSE.

However, the stock pared some of its early gains to trade 7.69% up at ₹437.45 per share at 10.15 am. MOIL shares have rallied more than 176% in the past year while in 2024 so far the stock has rallied around 39%.

MOIL posts record production in FY24

MOIL recorded its highest-ever production of any financial year since inception at 17.56 lakh tonnes, registering a significant growth of 35% y-o-y. This was 29% higher than the previous best ever production of 13.64 lakh tonnes in FY 2007-08.

The Miniratna PSU also recorded best ever sales of 15.36 lakh tonnes in FY24, registering a growth of 30% YoY. This is 10% higher than the previous best ever sales of 13.92 lakh tonnes in FY 2007-08.