MOIL gains after executing mining lease in Madhya Pradesh

MOIL gained 5.61% to Rs 266.90 at 15:05 IST on BSE after the company said that it has executed mining lease in Madhya Pradesh.

The announcement was made after market hours yesterday, 23 August 2016.

Meanwhile, the S&P BSE Sensex was up 92.54 points or 0.33% at 28,082.75.

High volumes were witnessed on the counter. On BSE, so far 49,222 shares were traded in the counter as against average daily volume of 16,838 shares in the past one quarter. The stock hit a high of Rs 269.90 so far during the day, which is also a 52-week high for the stock. The stock hit a low of Rs 253.50 so far during the day. The stock had hit a record low of Rs 180.10 on 12 February 2016. The stock had outperformed the market over the past one month till 23 August 2016, gaining 4.75% compared with 0.67% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 9.85% as against Sensex's 10.94% rise.

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

MOIL announced that it has executed mining lease over 76.409 hectares of land granted by Government of Madhya Pradesh in the village Bharweli-Awalajhari, Tehsil & District Balaghat of Madhya Pradesh. MOIL had announced on 25 July 2016 about receiving approval from the Government of Madhya Pradesh for mining lease of over 76.409 hectare land in Bharveli-Awalajhari village of MP.

MOIL's net profit declined 79.1% to Rs 21.38 crore on 29.9% growth in net sales to Rs 209.62 crore in Q4 March 2016 over Q4 March 2015.

MOIL produces and sells different grades of manganese ore. Government of India holds 71.57% stake in MOIL (as per the shareholding pattern as on 30 June 2016).

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