MOIL gains after MP government grants mining lease

MOIL rose 2.83% to Rs 212.70 at 09:44 IST on BSE after the state government of Madhya Pradesh granted mining lease in Madhya Pradesh in favour of the company.

The announcement was made after trading hours yesterday, 17 March 2016.

Meanwhile, the S&P BSE Sensex was up 16.80 points or 0.07% at 24,694.17

On BSE, so far 10,774 shares were traded in the counter as against average daily volume of 12,952 shares in the past one quarter. Shares of PSU manganese ore mining company hit a high of Rs 215 and a low of Rs 209.95 so far during the day. The stock hit a 52-week high of Rs 295 on 13 April 2015. The stock hit a 52-week low of Rs 180.10 on 12 February 2016.

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

MOIL said that the state government of Madhya Pradesh has granted mining lease over 48.974 hectare in village Lugma, Tehsil Paraswada of Balaghat District in Madhya Pradesh in favour of the company. The lease has been executed and registered by the company, MOIL said. This area falls under Ukwa mine of the company.

MOIL's net profit fell 87.9% to Rs 13.16 crore on 48.9% decline in total income to Rs 148.51 crore in Q3 December 2015 over Q3 December 2014.

MOIL operates 10 mines, six located in the Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya Pradesh.

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