MOIL gains on getting nod to enter into Joint Venture agreement with GMDC, MPSMCL
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MOIL is currently trading at Rs. 315.85, up by 2.50 points or 0.80% from its previous closing of Rs. 313.35 on the BSE.
The scrip opened at Rs. 319.65 and has touched a high and low of Rs. 319.65 and Rs. 313.35 respectively. So far 6797 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 329.80 on 04-Dec-2023 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. 323.65 and Rs. 296.10 respectively. The current market cap of the company is Rs. 6376.21 crore.
The promoters holding in the company stood at 64.68%, while Institutions and Non-Institutions held 18.45% and 16.87% respectively.
MOIL’s board has approved Joint Venture agreement for formation of 51:49 Joint Venture Company between MOIL and Gujarat Mineral Development Corporation (GMDC), for manganese ore mining in the State of Gujarat.
The board also approved Draft Joint Venture agreement between MOIL and Madhya Pradesh State Mining Corporation (MPSMCL), for manganese ore mining in the State of Madhya Pradesh. The Board of MOIL at its meeting held on December 13, 2023 has approved the same.
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).
