MOIL Stock Surges as Manganese Ore Output Climbs 15%

4 Mar 2024 , 01:14 AM

With a 15% year-over-year increase in February’s manganese ore production to 1.51 Lakh tonnes, the state-run company’s shares of MOIL, a key producer of the mineral, are up about 15% on the positive day. The share was trading 8.35% higher at ₹304.45 a share on the NSE at 11:03 am. The stock has increased by almost 95% in the past year, but it has down 3% so far this year.

According to a regulatory filing from MOIL, the company’s production increased 37% year over year to 15.84 Lakh tonnes in April to February 2024, exceeding the best-ever production of any financial year since its founding.

The massive state-owned manganese mining company has sold 1.56 Lakh tonnes, which is 18% more than it did in February 2023. According to the statement, sales of 13.91 Lakh tonnes were reached for the year (through February 2024), representing a 32% annual growth.

The MOIL completed 78,922 metres of core drilling in the current fiscal year through February 2024, more than double its annual output, the business reported.

Ajit Kumar Saxena, the Chairman and Managing Director (CMD), commended the MOIL team for their coordinated efforts, which led to this historic success. The company stated in a release that ‘he reposed full faith that this growth momentum will be continued during the next financial year.’

MOIL is India’s biggest manganese ore producer, holding a 50% market share. With 11 mines located in neighbouring areas of Maharashtra and Madhya Pradesh, the firm has its headquarters in Nagpur. Manganese metals and alloys are made from different grades of ore, while refined manganese dioxide is frequently added to fertilisers and livestock feed.

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