MOIL rallied 3.17% to Rs 174 after the company decided to increase the prices of different grades of manganese ore and other products with effect from Tuesday, 1 March 2022.
MOIL plans to increase the prices of all ferro grades of manganese ore (manganese ore with manganese content Mn- 44% and above) by 15 % on the prices prevailing since 1 February 2022 with effect from 1 March 2022.
The company will increase the prices of all ferro grades of manganese ore (manganese ore with manganese content below Mn-44%), SMGR grades (Mn-30% & Mn-25%), fines and chemical grades except DB4546 by 10% on the prices prevailing since 1 February 2022 with effect from 1 March 2022.
MOIL will also decrease the price of DB4546 by 10% on the prices prevailing since 1 February 2022 with effect from 1 March 2022.
MOIL posted a 7.4% decrease in consolidated net profit to Rs 51.38 crore on a 4.5% rise in net sales to Rs 267.70 crore in Q3 FY22 over Q3 FY21.
MOIL, a Schedule 'A' Miniratna category-I company, produces and sells different grades of manganese ore. It operates eleven mines, seven located in the Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya Pradesh.
The Government of India (including Government of Madhya Pradesh and Government of Maharashtra) held 64.68% stake in the company while Life Insurance Corporation (LIC) of India held 7.96% stake as on 21 February 2022.
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