MOIL nudges higher as steel minister reviews performance

MOIL was up 0.93% to Rs 244.25 at 12:55 IST on BSE after the Minister of Steel Birender Singh advised the company to fast-track the ongoing projects and target completion of the projects in the pipeline before the scheduled time.

Meanwhile, the S&P BSE Sensex was down 23.34 points or 0.08% at 27,784.80.

On BSE, so far 23,000 shares were traded in the counter as against average daily volume of 17,976 shares in the past one quarter. The stock hit a high of Rs 249.40 and a low of Rs 241.90 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 12 July 2016, gaining 2.67% compared with the Sensex's 4.4% rise. The scrip had also underperformed the market in past one quarter, advancing 3.46% as against Sensex's 10.59% rise.

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

Steel minister Birender Singh during a review meeting with top management of MOIL yesterday, 12 July 2016, exhorted the company to expand its manganese resource base as a long-term strategy. He appreciated MOIL's mid-term plans of diversification by sharing its mining expertise and downstream production on availability of captive power facilities. The minister discussed at length the challenges and opportunities in exploration and extraction of mineral resources like iron ore and manganese, a government statement released after market hours yesterday, 12 July 2016 said.

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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