MOIL achieves manganese ore production of 1.53 lakh tonnes in May; stock climbs ~2%

2 Jun 2023 , 02:16 PM

MOIL Limited reported its production for the month of May 2023. The company said that it achieved manganese ore production of 1.53 lakh tonnes, clocking a growth of 43% y-o-y compared to the corresponding period last year.

MOIL has registered sales of 1.53 lakh tonnes during the month, up by 72% y-o-y compared to May 2022.

In addition, the company achieved its highest monthly production of Electrolytic Manganese Dioxide (EMD) in May’23. EMD is a 100% import substitution product that is primarily used in pharmaceuticals and battery manufacturing.

The Ferro Manganese plant was also recommissioned for production in May 2023 after relining and capital repairs.

Ajit Kumar Saxena, the CMD of MOIL, expressed his joy in witnessing the collective efforts of the MOIL team, which resulted in a remarkable performance.

He expressed confidence that this positive trend will continue in the future, leading to the achievement of record-breaking production levels. He also stated his belief that MOIL will experience double-digit production growth in the fiscal year 2024, paving the way for further success.

At around 2.15 PM, MOIL was trading 1.29% higher at Rs 161.25 against the previous close of Rs 159.20 on NSE. The counter hit an intraday high of Rs 166, so far in today’s trade.

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