MOIL surges 3.5% on robust sales, production in May

MOIL achieved best May manganese ore production of 1.53 lakh tonnes in the month gone by, a YoY growth of 43 percent. Its sales also grew 72 percent YoY sales growth at 1.53 lakh tonnes during the month

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Shares of MOIL surged 3.5 percent in the morning trade on June 2, extending gains for the third day, as the state-owned miner posts robust sales and production figures for the month of May.

MOIL achieved its best May manganese ore production of 1.53 lakh tonnes, a year-on-year (YoY) growth of 43 percent. Its YoY sales grew 72 percent at 1.53 lakh tonnes during the month.

At 9.20 am, MOIL was quoting at Rs 162.85, up 2.39 percent. The stock has gained 5 percent in the past three days.

The company also achieved best-ever monthly production of Electrolytic Manganese Dioxide (EMD) in May 2023. EMD is a 100 percent import substitution product, used mostly for pharmaceuticals and manufacturing of batteries, MOIL said in a regulatory filing.

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The company from June 1 increased the prices for the grades BGF452, CHF473 and GMF569. Prices for other grades of manganese ore, fines, chemical grades and EMD have been kept unchanged, it added.

Miniratna company MOIL is the largest producer of manganese ore in the country, contributing around 45 percent of the domestic production. It operates 11 mines in Maharashtra and Madhya Pradesh and is also exploring business opportunities in Gujarat, Rajasthan, Chhatisgarh and Odisha.

It also has an ambitious vision of more than doubling its production to 3 million tonnes by 2030.

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