MOIL shares surge 18% from 52-week low as manganese ore production, sales rise to highest level in 5 years

Shares of country's leading manganese ore producer MOIL rose as much as 10.4% to hit an intraday high of ₹267.55 from its 52-week low of ₹242.35 on Tuesday, March 17, after the company in an investor presentation said that production and sale of manganese ore rose to highest level in five years.

On the BSE, MOIL shares rose as much as 14% to hit an intraday hight of ₹283.20 amid spike in trading activity.

MOIL in an investor presentation said that its manganese ore production jumped to 18.03 lakh metric tonnes in 2024-25 and sales rose to 15.88 lakh metric tonnes, the highest level in five years.

MOIL added that its total income in 2024-25 also jumped to highest level in five years to ₹1,696 crore from ₹1,543 crore in the previous year.

MOIL said that in first nine months of current financial year its revenue from operations, however, declined 8% to ₹1,056 crore and profit after tax declined 34% to ₹175 crore as against ₹266 crore in the same period last year.

MOIL informed investors that it plans to establish new beneficiation plants at various mines to upgrade low-grade ore and enhance product quality and increase overall value realization.

The company also plans to promote agglomeration through briquetting to convert fines and low-grade materials into saleable product to improve realisation.

MOIL also plans to explore and expand overseas markets to facilitate the evacuation of accumulated low-grade inventory and unlock additional revenue streams.

The company added that it plans to produce 3.5 million metric tonnes of manganese ore by 2030, increasing MOIL’s market share from 20% to 32% by 2030.

As of 2:00 pm, MOIL shares traded 14% higher at ₹283, outperforming the NIFTY50 index which was up 0.6%. Trading volume spiked on the BSE as a total of 5.57 lakh shares changed hands compared with an average of 63,000 shares traded daily in the past two weeks.