MOIL Stock Surges 4% on 10% Price Hike for Select Ore Grades

1 Jun 2023 , 11:35 AM

On June 1, the state-owned manganese ore mining company MOIL's stock saw a 4% increase in morning trading. MOIL, which operates under the Ministry of Steel, holds the distinction of being the largest manganese ore mining company in the country. 

This surge in stock price is due to a 10% price increase for a certain ore grades, including BGF452, CHF473, and GMF569.     

• MOIL has decided to maintain prices for ferro grade, SMGR, fines, chemical grades, and electrolytic manganese dioxide for June.
• However, MOIL has raised prices for specific ore grades including BGF452, CHF473, and GMF569, which is expected to have a positive impact on the company's margin, according to market participants.
• In the fiscal year 2022-23, MOIL achieved its second-highest production levels since its inception.
• Sales of manganese ore amounted to 11.78 lakh tonnes, slightly lower than the previous fiscal year due to market conditions.
• Despite this, the sales turnover of electrolytic manganese dioxide (EMD) in FY23 experienced remarkable growth, surpassing 100% compared to the previous year.
• At the time of writing (10.40 PM), the share price of Moil is at 158.50 which is 2.16% higher than the previous day close.

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