MOIL gains after revising product prices

MOIL rose 3.56% to Rs 196.40 at 11:50 IST on BSE after the company revised prices of manganese ore and other products.

The announcement was made on Monday, 2 October 2017. The stock market was shut on Monday, 2 October 2017, for a public holiday.

Meanwhile, the S&P BSE Sensex was up 241.80 points, or 0.77% to 31,525.52.

On the BSE, 39,000 shares were traded in the counter so far, compared with average daily volumes of 92,000 shares in the past two weeks. The stock had hit a high of Rs 200 and a low of Rs 194.80 so far during the day.

MOIL said it hiked prices of various grade of Manganese Ore by 7.25% from 1 October 2017 on the existing prices prevailing since 1 July 2017. The company also hiked prices of various grade of Electrolytic Manganese Dioxide (EMD) by 2.36% from 1 October 2017 on the existing prices prevailing since 1 July 2017. Ferro Manganese/Ferro Manganese Slag and some identified grades of Manganese Ore continue to be sold on e-auction basis through MSTC.

MOIL's net profit surged 107.3% to Rs 97.73 crore on 82.7% increase in net sales to Rs 339.40 crore in Q1 June 2017 over Q1 June 2016.

MOIL produces and sells different grades of manganese ore. It 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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