MOIL trades in green on recording 35% growth in production of Manganese Ore in Q1FY24
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MOIL is currently trading at Rs. 165.30, up by 2.90 points or 1.79% from its previous closing of Rs. 162.40 on the BSE.
The scrip opened at Rs. 166.90 and has touched a high and low of Rs. 168.45 and Rs. 165.15 respectively. So far 13756 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 178.50 on 03-Aug-2022 and a 52 week low of Rs. 140.65 on 29-Mar-2023.
Last one week high and low of the scrip stood at Rs. 168.45 and Rs. 160.50 respectively. The current market cap of the company is Rs. 3388.03 crore.
The promoters holding in the company stood at 64.68%, while Institutions and Non-Institutions held 18.03% and 17.28% respectively.
Maintaining the production tempo, MOIL has achieved best ever quarterly manganese ore production of 4.36 lakh MT in the first quarter of FY24 (Q1FY24), registering a substantial growth of 35% over corresponding period last year (CPLY). Production of 1.5 lakh MT in June month is also best ever production of any June month since inception. At sales front, MOIL has recorded best ever first quarter sales performance and registered sales of 3.96 lakh MT in the first quarter of the current financial year, with a growth of 39% percent over CPLY.
Continuing its thrust on exploration activities, MOIL has carried out best ever quarterly exploratory core drilling of 20,086 metres in the first quarter of FY24, which is 3.8 times during CPLY. This will not only form the basis of enhanced production from its existing mines but will also be the foundation of opening new Manganese mines in the country.
MOIL is the largest iron ore company in India and fifth largest in world. It currently operates seven underground mines (Kandri, Munsar, Beldongri, Gumgaon, Chikla, Balaghat and Ukwa mines) and three opencast mines (Dongri Buzurg, Sitapatore/Sukli, and Tirodi).
