MOIL firms up after price hike

MOIL rose 2.08% to Rs 208.35 at 15:19 IST on BSE after the company increased prices of manganese ore for the October-December 2013 quarter.

The announcement was made before trading hours today, 3 October 2013.

Meanwhile, the BSE Sensex was up 393.96 points, or 2.02%, to 19,911.11

On BSE, 10,000 shares were traded in the counter compared with average volume of 13,106 shares in the past one quarter.

The stock hit a high of Rs 212 and a low of Rs 204.30 so far during the day. The stock hit a 52-week high of Rs 274.90 on 10 January 2013. The stock hit a record low of Rs 182.35 on 7 August 2013.

The stock had underperformed the market over the past one month till 1 October 2013, sliding 2.55% compared with the Sensex's 4.82% rise. The scrip had, however, outperformed the market in past one quarter, rising 0.49% as against Sensex's 0.31% decline.

The mid-cap company has an equity capital of Rs 168 crore. Face value per share is Rs 10.

MOIL said the prices of each grade of manganese ore, except for Mn 25% grade, has been increased for the October-December 2013 quarter by 5% over the prices for July-September 2013 quarter. The prices of Mn 25% grade and Electrolytic Manganese Dioxide (EMD) have been increased by 10%.

Net profit of MOIL rose 12.68% to Rs 112.02 crore on 1.53% decline in net sales to Rs 238.87 crore in Q1 June 2013 over Q1 June 2012.

MOIL operates 10 mines, six located in the Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya Pradesh. MOIL fulfills about 50% of the total requirement of dioxide ore in India. At present, the annual production is around 10,93,363 tonnes, which is expected to grow in the coming years.

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