This midcap mining share zooms 16%. Here’s why

So far on Thursday, around 1 crore shares of MOIL exchanged hands at both the exchanges versus 13 lakh equity shares on a-week average, revealed data

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Shares of manganese producer MOIL skyrocketed 16 percent to hit a six-year high of Rs 265 per share on the BSE on October 12 after Quant Mutual Fund’s Gilt Fund bought 11 lakh equity shares or 0.5 percent stake in the counter at Rs 226 apiece via bulk deal, showed data. The S&P BSE Sensex stood flat at 66,463 levels, as of 10:50 am.

So far on October 12, around 1 crore shares exchanged hands at both the exchanges versus 13 lakh equity shares on a-week average, revealed data. Meanwhile, around 8 lakh equity shares exchanged hands at the NSE and BSE on one-month average basis.

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With 50 percent market share, MOIL is the largest producer of manganese ore in India. The state-owned 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.

Last week, on October 2, MOIL stated registration of best-ever 6-monthly performance, wherein production was up 45 percent year-on-year (YoY) and sales rose 54 percent YoY.

ALSO READ: Metals and mining: What should investors expect from the Sept 2023 quarter?

The company said that the production of manganese ore jumped to 8.15 lakh metric tonne (MT) in the first half of fiscal year 2023-24 (H1FY24), with 1.35 lakh MT in the month of September.

On the sales front too, the April-September period recorded 7.7 lakh MT of sales, with 1.56 lakh MT in September alone.

Furthermore, the company also recorded highest-ever production of electrolytic manganese dioxide (EMD) in H1FY24, up 26 percent YoY. EMD is usually used for pharmaceuticals and manufacturing of batteries.

That apart, the company intimated that prices of all ferro grades of manganese ore with manganese content of Mn-44 percent and above was decreased by 1.8 percent, whereas grades with manganese content below Mn-44 percent was increased by 1.5 percent.

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