MOIL corrects on profit booking

MOIL fell 5.36% to Rs 357.65 at 15:15 IST on BSE on profit booking after a recent rally.

Meanwhile, the BSE Sensex was down 82.61 points, or 0.30%, to 27,444.61.

On BSE, so far 1.42 lakh shares were traded in the counter, compared with average daily volume of 55,864 shares in the past one quarter. The stock hit a high of Rs 383 and a low of Rs 357 so far during the day. The stock hit a 52-week high of Rs 387.90 on 2 November 2016. The stock hit a record low of Rs 180.10 on 12 February 2016. The stock had outperformed the market over the past 30 days till 2 November 2016, rising 45.04% compared with the 2.85% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 53.49% as against Sensex's 0.68% decline.

The mid-cap company has equity capital of Rs 133.19 crore. Face value per share is Rs 10.

Shares of MOIL rose 18.71% in four trading sessions to settle at Rs 377.90 yesterday, 2 November 2016, from its close of Rs 318.35 on 27 October 2016.

The stock rose 4.75% to settle at Rs 377.90 yesterday, 2 November 2016, after the company revised price of various grades of manganese ore with effect from 1 November 2016. MOIL raised the prices of all Ferro Grades of ore by 30%. The prices have been increased by 25% on all grades of SMGR (Mn 30%) and SMGR Low (Mn 25%) on the prevailing prices. The company hiked prices of Fines by 25%. It raised prices of all chemical grades by 30%. The existing price of Electrolytic Manganese Dioxide (EMD) has remained unchanged. The announcement was made after market hours yesterday, 1 November 2016.

MOIL's net profit declined 47.54% to Rs 47.15 crore on 0.42% rise in net sales to Rs 183.53 crore in Q1 June 2016 over Q1 June 2015.

MOIL produces and sells different grades of manganese ore. Government of India currently holds 75.58% stake in MOIL (as per the shareholding pattern as on 11 October 2016).

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