Shares of state-owned manganese ore mining company MOIL Ltd. hit an all-time high of Rs 443.5 in trade on May 2. The sharp gains to the tune of over 9 per cent are spurred in the stock after the company in line with its business practice of fixing or revising prices of manganese ore and other products informed about the new revised prices that will come into effect from May 1, 2024.

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For all ferro grades of manganese ore with manganese content of 44 per cent and higher, price has been increased by 40 per cent on the prevailing prices since April 1, 2024. Likwise, for all other ferro-grades of manganese ore with manganese content below 44 per cent 
have been increased by 25%.

Additionally, the state-run miniratna entity based out of Nagpur informed that the prices of all SMGR (Mn-30% & Mn-25%), Fines and Chemical grades have been increased by 25% on the prevailing prices since 01.04.2024 w.e.f. midnight of
30.04.2024/01.05.2024 for the month of May, 2024.

The basic price of EMD has been increased by Rs 2000 PMT from Rs 207000/- PMT to Rs. 209000/- PMT for May, the filing by the company added.

Similar to other PSU stocks, MOIL has also showcased a sharp run over the past year and delivered return to the tune of 180 per cent. In one month alone, the stock has rallied as much as 40 per cent.

The consensus recommendation on the stock from two analysts is a buy, stock analysis portal-Trendlyne data shows.

The stock is trading at relatively cheap valuations with a trailing twelve month (TTM) price to earnings at 31.5 which is below the industry median.

Commanding a m-cap of Rs 8,900.44 crore, MOIL Ltd is a small-cap company that is categorised as a Schedule 'A' Miniratna Category-I company. Typically the company carries out the  exploration, exploitation and marketing of manganese ore and products such as electrolytic manganese dioxide and high carbon Ferro manganese alloy.