MOIL gains after securing mining lease from Madhya Pradesh government

MOIL rose 2.33% to Rs 247.95 at 11:19 IST on BSE after the company received approval from the Government of Madhya Pradesh for mining lease of over 76.409 hectare land in Bharveli Awalajhari village.

The announcement was made after trading hours yesterday, 25 July 2016.

Meanwhile, the S&P BSE Sensex was up 38.53 points or 0.14% at 28,133.87

On BSE, so far 26,819 shares were traded in the counter as against average daily volume of 17,767 shares in the past one quarter. The stock hit a high of Rs 251.20 and a low of Rs 246 so far during the day. The stock had hit a 52-week high of Rs 255 on 3 June 2016. The stock had hit a record low of Rs 180.10 on 12 February 2016. The stock had underperformed the market over the past one month till 25 July 2016, rising 3.02% compared with Sensex's 6.43% rise. The scrip also underperformed the market in past one quarter, gaining 2.5% as against Sensex's 9.41% rise.

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

MOIL said that the company has received approval from the Government of Madhya Pradesh (MP) for mining lease of over 76.409 hectare land in Bharveli Awalajhari village of MP. This area is adjacent to the existing Balaghat mine of the company, MOIL said. The company is taking necessary steps to register and execute mining lease at the earliest possible, it added.

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. It currently 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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