MOIL shares zoom over 15% to hit 52-week high as Quant Gilt Fund buys 0.54% stake

State-owned manganese ore producer MOIL Ltd shares on Thursday, October 12, zoomed over 15 per cent and hit a 52-week high at Rs 265 apiece on BSE. The uptrend in the stock was witnessed after bulk deal data showed that Quant Mutual Funds Gilt Fund bought a stake in the company on Wednesday.

As per NSE bulk deal data, Quant Mutual Funds Gilt Fund bought 11 lakh shares, or a 0.54 per cent, stake at Rs 226.80 per share in the company.

At around 10:05 a.m., shares of MOIL traded 13.61 per cent higher on the BSE at Rs 260.4 apiece. The market capitalisation of the company at around the same time stood at Rs 5,298.75 crore.

The Nagpur-headquartered manganese ore producer last week released its sales data for April to September. The company informed investors through the regulatory filing that it recorded a 45 per cent rise in its production at 8.15 lakh tonnes (LT) during April–September 2023.

Further, it had produced 5.63 LT of manganese ore during the corresponding six-month period of the previous year, the miner said in a statement.

Production in September 2023 rose 48 per cent to 1.35 LT from 0.91 LT in the same month last year. The company's sales in April–September 2023 also rose to 7.57 LT, registering a year-on-year growth of 54 per cent over 4.89 LT sales recorded in the same period of 2022.

The company's sales in April–September 2023 also rose to 7.57 LT, registering a year-on-year growth of 54 per cent over 4.89 LT sales recorded in the same period of 2022.

MOIL share price: Past performance

In 2023, so far, the stock has gained over 52 per cent against the headline index's rise of over 8 per cent. 

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