MOIL shares surge 11.5% as Feb production jumps 15% YoY

MOIL shares surged up to 11.5 percent in trade on March 4 after the state-owned manganese ore mining company said its February production jumped 15 percent YoY.

MOIL achieved best ever February production of 1.51 lakh tonnes manganese (Mn) ore, higher by 15 percent YoY, while sales at 1.56 lakh tonnes increased by 18 percent over the same month during the previous year.

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At 11.30 am, shares of MOIL were trading at Rs 303.7, higher by 8 percent on the NSE compared to the previous session’s closing price.

During the financial year, up to February 2024, MOIL achieved sales of 13.91 lakh tonnes, scaling a growth of 32 percent on an annual basis.

In a filing with the bourses, MOIL said, “The company has been giving utmost thrust to exploration month after month. In the current FY up to February, 2024, MOIL has carried out core drilling of 78,922 meters which
is more than double YoY.”

For the third quarter ended December 2023, MOIL’s standalone net sales were at Rs 306.31 crore, up 1.43 percent on-year. The quarterly net proft was Rs 54.1 crore, higher by 36.9 percent from Rs 39.52 crore in December 2022.

MOIL shares have jumped 25 percent over the past six months against a 14 percent rise in the frontline index Nifty 50.

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