MOIL declines after reducing manganese ore prices for Q2 September 2015

MOIL declined 1.2% to Rs 243 at 12:00 IST on BSE after the company in its quarterly revision in prices of manganese ore has reduced the prices of various grades of manganese ore for Q2 September 2015.

The company made announcement after market hours on Friday, 3 July 2015.

Meanwhile, the S&P BSE Sensex was down 224.16 points or 0.79% at 27,870.96.

On BSE, so far 4,095 shares were traded in the counter as against average daily volume of 11,700 shares in the past one quarter.

Shares of PSU manganese ore mining company hit a high of Rs 246.20 and a low of Rs 243 so far during the day. The stock hit a 52-week high of Rs 335.90 on 7 March 2014. The stock hit a 52-week low of Rs 238 on 4 June 2015.

MOIL said that the prices of all ferro grades of ore with manganese (Mn) 45% and above have been reduced by 3% in Q2 September 2015 on the previous quarter price. The prices of all ferro grades of ore with Mn 32% & upto below Mn 45% have been reduced by 7.5% on the previous quarter price. The prices of all grades of SMGR (Mn 30%, Mn 25%) have been reduced by 12.5% on the previous quarter price. The prices of all grades of Mn ore fines have been reduced by 5% on the previous quarter price. The price of all grades of chemical grade has been reduced by 7.5% on the previous quarter price. There is no change in the existing price of electrolytic manganese dioxide (EMD), MOIL said in a statement.

MOIL's net profit fell 31.4% to Rs 102.47 crore on 28.2% decline in total income to Rs 259.98 crore in Q4 March 2015 over Q4 March 2014.

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