MOIL shares gain over 3% on 35% surge in manganese ore production

MOIL shares jumped 3.4 percent in early trade on the NSE on December 5 after the state-owned manganese ore giant recorded a 35 percent year-on-year production surge to 1.62 lakh MT in November 2023.

As of 9.20am, shares of the company were trading at Rs 324.35 on the NSE, higher by 3.4 percent compared to the previous session’s closing price.

For the fiscal year 2024, the company has recorded a growth of 43 percent in production over the last year to 10.9 lakh tonnes during April to November 2023.

On the sales front, MOIL saw its sales grow 18 percent year-on-year in November. However, for the fiscal year so far, sales grew 52 percent from the same time period in the previous year.

“In November, 2023, MOIL accomplished core drilling spanning 7,551 metres, marking a two-fold increase from last year. During April-November 2023, MOIL has effectively carried out core drilling of 49,389 meters, showcasing a 2.5-fold rise YoY,” said the company in a filing with the bourses.

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With a 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.

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