MOIL sets monthly manganese production record, shares zoom 4%

State-run MOIL shares rallied 4 percent in trade on January 3 after the manganese ore producer recorded the highest ever monthly output in December 2023.

MOIL registered production of 1.85 lakh tonnes in December 2023, higher by 31 percent on-year. For the current financial year up to December, the total production has exceeded the previous year’s by 41 percent, with production of 12.73 lakh tonnes of manganese ore.

On the sales front too, the company clocked growth of 40 percent during the first nine months of FY24 with sales of 11.01 lakh tonnes of manganese ore.

As of 10.10am, shares of MOIL traded at Rs 319.75 apiece, higher by 1.25 percent on the NSE.

MOIL recorded core drilling spanning across 11,482 metres, which is also the highest ever monthly core drilling carried out by the company. For the current fiscal year, MOIL has carried out core drilling of 60,870 metres which is more than double over last year.

Follow our market blog to catch all the live action

In November, the state-owned manganese ore giant recorded a 35 percent year-on-year production surge to 1.62 lakh tonnes.

With a 50 percent market share, MOIL is the largest producer of manganese ore in India. The company is headquartered in Nagpur, with 11 mines in adjoining districts of Maharashtra and Madhya Pradesh. Various grades of ore are used for production of manganese metals and alloys, whereas refined manganese dioxide is often used as a supplement in cattle feed and fertilisers.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.