MOIL posts 82% sequential growth in November sales; stock rallies ~5%

2 Dec 2022 , 10:26 AM

MOIL Limited announced that the company recorded a production of 1.2 lakh tonnes of Manganese Ore in November 2022, registering a significant growth of 60% against the production in the previous month.

Further, on the sales front, MOIL has logged growth of 82% sequentially, despite challenging market conditions.

Smt. Usha Singh, Director (Human Resource) & CMD (Addl. Charge), attributed the company’s improved performance to the great team effort displayed by all concerned and reiterated that MOIL is poised for even better performance in the remaining months of the fiscal year.

MOIL is the country’s largest producer of manganese ore, with eleven mines in Maharashtra and Madhya Pradesh. MOIL controls 34% of the country’s manganese ore reserves and contributes 45% of domestic production.

At around 10.29 AM, MOIL was trading at Rs169.35 up by 4.89% from its previous closing of Rs161.45 on the BSE. The scrip opened at Rs164.30 and touched intraday high and low of Rs172 and Rs163.95 respectively.

For feedback and suggestions, write to us at [e-mail]