MOIL shares gain 2% after healthy growth in April manganese ore production, sales

Sales at 97,838 tonnes for April has also been best for any April month, growing 72 percent over same month last year, MOIL said.

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MOIL shares gained nearly 2 percent intraday on May 2 after recording a healthy growth in manganese ore production and sales for April.

“With a production of 1.31 lakh tonnes of manganese ore in April, we have registered best April production performance since inception, with a significant growth of 26 percent over April 2022,” the Miniratna Category-I company said in its filing to exchanges.

MOIL further said sales at 97,838 tonnes for April has also been the best for any April, growing 72 percent over same month last year.

On the exploration, the state-owned manganese ore producer said it has achieved core drilling of 7,530 metres in the month gone by, which is 3.6 times that of same month last year.

Production of electrolytic manganese dioxide (EMD) grew 6 percent year-on-year in April. EMD is a 100 percent import substitution product, used mostly for pharmaceuticals and manufacturing of batteries.

The stock was quoting at Rs 159.6 on the NSE, up 1.85 percent at 1:29pm.