MOIL gains after board OKs buyback

MOIL rose 1% to Rs 141.35 after the company said its board approved buyback of 2.02 crore equity shares, or 7.87% stake, at Rs 152 each.

The company has fixed Wednesday, 27 November 2019, as record date for the buyback of shares. The announcements were made after market hours on Friday, 15 November 2019.

The stock was trading in the range of Rs 140.10 to Rs 143 so far during the day.

The S&P BSE Sensex was down 11 points or 0.03% to 40,345.90. In the past one month, the stock rose 0.6% to its current market price of Rs 141.35 underperforming the Nifty Metal index which rose 2.71% to 2,522.75.

MOIL's consolidated net profit fell 15.7% to Rs 88.59 crore on 29.3% decline in net sales to Rs 253.11 crore in Q2 September 2019 over Q2 September 2018.

MOIL is engaged in the exploration, exploitation and marketing of manganese ore and products, such as electrolytic manganese dioxide and high carbon ferro manganese alloy. The company operates through three segments: mining, manufacturing and power generation.

The Government of India held 56.01% stake in MOIL as on 30 September 2019.

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