MOIL shares rally 6% on all-time high manganese ore production in FY24
Upstox
2 min read • Updated: April 3, 2024, 1:27 PM
Summary
Previously the state-run miner had achieved a record production of 13.64 lakh tonnes in 2007-08. The production numbers in FY24 are 29% higher than the previous best ever production since FY08.
Shares of manganese ore producer MOIL Ltd rallied more than 6% on Wednesday after the state-run company announced achieving record production for the financial year 2023-24.
MOIL in a statement said that it has achieved its all-time high annual production of 17.56 lakh tonnes in 2023-24, registering a growth of 35% over the previous year.
Previously the state-run miner had achieved a record production of 13.64 lakh tonnes in 2007-08. The production numbers in FY24 are 29% higher than the previous best ever production since FY08, MOIL stated.
On the sales front, MOIL recorded its best-ever sales of 15.36 lakh tonnes in FY2023-24, registering a growth of 30% over the previous year. This is 10% higher than the previous record sales of 13.92 lakh tonnes in FY 2007-08.
MOIL’s Electrolytic Manganese Dioxide (EMD) production was a record 1413 tonnes, higher by 28% over 2022-23. EMD is a 100% import substitution product, used mostly for pharmaceuticals and manufacturing of batteries.
MOIL also carried out its all-time high exploratory core drilling of 87,661 meters which is more than double than the previous year’s.
The record core drilling will boost production from existing mines and also be the foundation of opening new manganese mines in India, MOIL stated in a release.
MOIL shares opened higher and gained a further 6% to hit a high of ₹323.15 apiece on the NSE. The stock is trading 12% lower from its 52-week high levels hit on February 2, 2024. MOIL shares have soared 1.26 times from the 52-week low of ₹142.55 hit on April 3, 2023.
Shares of MOIL were trading 4.65% higher at ₹318.6 apiece at 12 noon.
Nagpur-based MOIL is a state-run manganese-ore mining company. The company on April 1 announced a hike in the prices of all ferro grades of manganese ore.
MOIL increased the prices of manganese ore with a content of Mn-44% and above by 6%. The company hiked the prices of all other ferro grades of manganese ore, with content below Mn-44%, by 3%. Prices of silico manganese grades (Mn 30% and Mn 25%), fines and chemical grades have been increased by 3%.