MOIL shares jump over 9% as state-run PSU hikes price of all ferro grades of manganese effective June 1

MOIL Ltd. share price, MOIL Ltd. share price NSE: Shares of manganese-ore mining company in Monday’s trade (June 3, 2024) climbed over 9 per cent as the company has resorted to a price hike of all ferro grades of manganese ore. The new rates are applicable from June 1. 

At the day’s high, the stock hit Rs 548 levels, while at the last count it traded higher by over 5 per cent at Rs 527.1 apiece on the BSE.

For ferro grades with manganese content of Mn-44 per cent and above, the price hike is to the tune of 35 per cent.  And for others with manganese content below Mn-44 per cent price hike is of 30 per cent effective from June 1. 

Besides, the price of all SGMR, Fines, and Chemical grades has been hiked by 30 per cent from June 1. The basic price of EMD  is increased by  Rs 1,000 per metric tonne.

Furthermore, it increased prices of all SGMR, fines, and chemical grades by 30%, effective from June 1.

Prior to this, the hike of all Ferro grades of manganese ore with Manganese content of Mn-44% and above was made in May.

The stock’s all-time high of Rs 556.05 was logged on May 21, 2024.

MOIL’s Q4FY24 results

The mining company for the quarter ended March of FY24 reported a net profit of Rs 91.15 crore, a 12.6 per cent on-year rise from Rs 80.95 crore reported in Q4FY23. Sequentially, the profit jumped over 40 per cent. In the December quarter, the company’s profit was reported at Rs 54.1 crore.

The company’s revenue from operations during the reporting quarter logged a 3 per cent on-year decline to Rs 415.9 crore, nevertheless on a sequential basis, the revenue logged a healthy double-digit gain of 36 per cent.

About MOIL 

The Nagpur-based Miniratna PSU is a smallcap company engaged in the exploration, exploitation and marketing of manganese ore and products such as electrolytic manganese dioxide and high carbon Ferro manganese alloy.