MOIL reports best ever February production; stock zooms over 11%

MOIL share price: Shares of MOIL gained over 11 per cent in early trade on Monday (March 4) and touched the day's high at Rs 304.85 apiece on the BSE, continuing the winning streak for the fourth straight session. The stock jumped after the company reported its best-ever production in February. 

At around 10:09 a.m., shares of MOIL traded 11.23 per cent, or Rs 31.4, higher at Rs 310.9 apiece. The market capitalisation of the company at around the same time stood at Rs 6,328.39 crore.

Mehul Kothari, AVP-Technical Research at AnandRathi Shares & Securities, sees support for MOIL at Rs 270 and an upside in the range of Rs 300 to Rs 320 apiece. 

On Saturday, after the mock trading session, the city-based public sector undertaking Manganese Ore India Limited (MOIL) reported production of 1.51 lakh tonnes of Manganese (Mn) ore, up 15 per cent year-on-year (YoY), which as per the filing was the best February production. 

The company achieved sales of 1.56 lakh tonnes, 18 per cent higher than in February 2023. During the year up to Feb. 24, the company recorded a sale of 13.91 lakh tonnes, up 32 per cent YoY.

In the current FY up to February 2024, MOIL carried out core drilling of 78,922 metres, which was more than double on an annual basis.

MOIL Q3 results 

State-owned MOIL on Saturday reported a 37 per cent rise in net profit to Rs 54.10 crore for the December quarter, supported by lower expenses.

It had posted a net profit of Rs 39.51 crore in the year-ago period, the company said in an exchange filing.

The company's total income rose to Rs 329.72 crore from Rs 322.86 crore logged in the year-ago period.

MOIL share price: Past performance 

In a year, shares of MOIL have gained over 96 per cent against Nifty50's rise of over 26 per cent.

CHART 

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