MOIL soars 12% on reporting 15% YoY jump in manganese ore output for Feb

Shares of state-run industrial minerals player MOIL Ltd rallied 12 per cent intra-day on BSE in Monday's session after the company reported a 15 per cent year-on-year (YoY) jump in Manganese (Mn) ore output for February at 1.51 lakh tonnes.

The recorded output was also its best ever seen in February. Moreover, for April-February, the production of Mn ore has been 15.84 lakh tonnes, which also marks the highest ever output in a financial year, it said. This is up 37 per cent YoY.

On the sales front too, the company said it has recorded sales of 1.56 lakh tonnes, up 18 per cent than last year for February.

For the financial year, (upto Feb 2024), its sales have grown 32 per cent YoY to 13.91 lakh tonnes.

The company said it has been giving utmost thrust to exploration month after month.

In the current financial year (April-Feb 2024), it has carried out core drilling of 78,922 meters, which is more than double from the previous fiscal.

On Thursday, Feb 29, MOIL said it has increased price of a certain grade of Mn ore, triggering a sharp 6 per cent intra-day rally in its stock on Friday.

"The prices of ferro grades of manganese ore with manganese content below Mn 44 per cent have been increased by 5 per cent on the prevailing prices with effect from from March 1 for the month," it said in a filing.

Prices of all ferro grades of manganese ore with manganese content of Mn 44 per cent and above have been left unchanged for March.

Similarly, the prices of all silico managnese grades or SMGR (Mn 30 per cent and Mn 25 per cent), fines and chemical grades have been continued as prevailing for the month.

The basic price of electrolytic manganese dioxide (EMD) has also been left unchanged for March.