MOIL Share News : In an exciting development in the Indian stock market, MOIL, a leading manganese producer in India, saw its share price rise by a staggering 16% on October 12. This surge in price led to the shares hitting a six-year high of Rs 265 per share on the BSE. The catalyst for this significant price rise was the acquisition of an 11 lakh equity stake (0.5%) by Quant Mutual Fund’s Gilt Fund at Rs 226 per share.
About MOIL Share
MOIL, formerly known as Manganese Ore India Limited, is a state-owned manganese ore mining company headquartered in Nagpur, India. It was originally set up in the year 1896 as Central Province Prospecting Syndicate which was later renamed as Central Provinces Manganese Ore Company Limited (CPMO), a British Company incorporated in the UK. In 1962, as a result of an agreement between the Government of India and CPMO, the assets of the latter were taken over by the Government and MOIL was formed.
MOIL is India’s largest producer of manganese ore, holding a dominant position in the Indian mineral industry, having been incorporated in 1962. MOIL operates 11 mines in the states of Maharashtra and Madhya Pradesh and is involved in the exploration, exploitation, and marketing of manganese ore and products such as electrolytic manganese dioxide and high carbon ferro manganese alloy. The company’s products are used across various industries such as steel manufacturing, dry cell battery, and chemical industries.
MOIL Share Trading Activity Surges
The day of the price rise saw a flurry of trading activity for MOIL shares. Approximately 1 crore shares exchanged hands across both exchanges, which was significantly higher than the weekly average of 13 lakh equity shares. This surge in trading activity is indicative of the market’s positive response to Quant Mutual Fund’s acquisition.
MOIL Share Market Dominance
MOIL is not just another player in the market; with a 50% market share, it is India’s largest producer of manganese ore. With 11 mines across Maharashtra and Madhya Pradesh it offers diverse product range includes various grades of ore used in the production of manganese metals and alloys, as well as refined manganese dioxide, which is commonly used in cattle feed and fertilisers.
MOIL Share Record-Breaking Performance
MOIL has been making headlines not just for its share price but also for its performance. The company recently announced its best-ever six-monthly performance. Production increased by 45% YoY, and sales rose by 54% YoY. In H1FY24 alone, the company produced 8.15 lakh MT of manganese ore, with September contributing 1.35 lakh MT.
On the sales front too, the April-September period recorded impressive figures with 7.7 lakh MT of sales, with September accounting for 1.56 lakh MT.
MOIL Share Highest-Ever Production of EMD
In addition to its record-breaking performance in terms of production and sales, MOIL also recorded its highest-ever production of electrolytic manganese dioxide (EMD) in H1FY24, up by 26% YoY. EMD is primarily used in pharmaceuticals and battery manufacturing, indicating that MOIL is not just catering to traditional industries but also emerging sectors.
In a move that reflects its understanding of market dynamics, the company also announced a decrease in prices for all ferro grades of manganese ore with a manganese content of Mn-44% and above by 1.8%. However, grades with a manganese content below Mn-44% saw an increase of 1.5%. This strategic pricing decision could have implications for MOIL’s future performance.
In future plans MOIL aims to maintain its leadership position in the Indian manganese industry while expanding its operations domestically and internationally. The company plans to achieve this through strategic partnerships, technological upgrades, and sustainable mining practices. MOIL is also committed to fulfilling its social responsibilities by implementing various community welfare programs in the areas of its operations.
The information provided in this article is for educational or informational purposes only and does not constitute professional financial or investment advice. The opinions expressed in this article are those of the author and do not necessarily reflect the views of Stock Market Release or its affiliates. The information in this article is based on sources that we believe to be reliable, but we do not guarantee its accuracy or completeness. The past performance of any investment or strategy does not guarantee future results or returns. Investing involves risks and you may lose some or all of your money. You should not rely solely on this article to make any investment decisions. You should do your own research and consult a qualified financial advisor before investing.
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