MOIL gains after announcing price hike

MOIL rose 1.86% to Rs 336 at 09:20 IST on BSE after the company announced increase in price of various grades of manganese ore effective from 1 June 2017.

The announcement was made after market hours yesterday, 31 May 2017.

Meanwhile, the S&P BSE Sensex was up 23.30 points, or 0.07% at 31,169.10. The S&P BSE Mid-Cap index was up 53.02 points, or 0.36% at 14,678.31.

On the BSE, 19,000 shares were traded on the counter so far as against the average daily volumes of 49,550 shares in the past one quarter. The stock had hit a high of Rs 341.50 and a low of Rs 334.90 so far during the day. The stock had hit a 52-week high of Rs 429 on 12 January 2017 and hit a 52-week low of Rs 220.20 on 1 June 2016.

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

MOIL announced that the prices have been increased by 10% on the existing prices prevailing since 1 May 2017 for all Ferro Grades of ore. The prices have been increased by 10% on all grades of SMGR (Mn 30%) and SMGR Low (Mn 25%) on the prevailing prices since 1 May 2017.

The prices have been increased by 10% on all grades of fines and chemical grades ore on the prevailing prices since 1 May 2017. However, prices of Electrolytic Manganese Dioxide (EMD) were kept unchanged. MOIL announced that the latest price increase is inline with the company's business practice of fixing/revising prices of different grades of manganese ore.

MOIL's net profit spurted 441.6% to Rs 115.80 crore on 19.8% increase in net sales to Rs 251.30 crore in Q4 March 2017 over Q4 March 2016.

MOIL produces and sells different grades of manganese ore. Government of India currently holds 65.58% stake in MOIL (as per the shareholding pattern as on 31 March 2017).

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