MOIL announces reduction in manganese ore prices w.e.f Jan. 1

1 Jan 2022 , 11:51 AM

The prices of all ferro grades of manganese ore with manganese content of Mn-44% and above have been reduced by 2.5% on the price prevailing since 1 December 2021 with effect from 1 January 2022.

The prices of all other ferro grades of manganese ore with manganese content less than Mn-44%, SMGR (Mn-30% & Mn-25%), chemical and fines have been reduced by 5% on the price prevailing since 1 December 2021 with effect from 1 January 2022.

The basic price of Electrolytic Manganese Di-oxide (EMD) has been reduced to Rs 1,15,000 from Rs 1,21,000 with effect from 1 January 2022.

Ferro Manganese/ Ferro Manganese Slag and some identified grades of Manganese ore will continue to be sold by e-auction as well as through Metal Mandi (M3) of MSTC, in line with the existing policy, the press release highlighted.

MOILs net profit surged to Rs 60.24 crore in Q2 FY22 from Rs 7.33 crore in Q2 FY21. Net sales during the quarter rose 1.5% Y-o-Y (year-on-year) to Rs 311.73 crore.

Shares of MOIL lost 0.65% to close at Rs 169.25 on Friday, 31 December 2021. MOIL, a Schedule A Miniratna category-I company, produces and sells different grades of manganese ore. It operates eleven mines, seven located in the Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya Pradesh.

While the Government of India (including Government of Madhya Pradesh and Government of Maharashtra) held 64.35% stake in the company, Life Insurance Corporation (LIC) of India held 7.90% stake and the remaining 27.75% stake was held by public shareholders as on 30 September 2021.

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