MOIL reduces manganese ore prices

State-run MOIL has reduced prices of different grades of manganese ore and other products with effect from 1 July 2020.

The prices of all Ferro grades and Fines have been reduced by about 15% while the prices of SMGR grades (Mn-30% & Mn-25%) and chemical grades have been reduced by about 10% on the prices prevailing as on 1 June 2020.

The basic price of Electrolytic Manganese Di-oxide (EMD) has been continued as prevailing since 1 April 2020.

Ferro Manganese/Ferro Manganese Slag and some identified grades of Manganese Ore will continue to be sold by e-auction as well as through Metal Mandi (M3) of MSTC, in line with the existing practice, the state-run miner said on Wednesday (1 July).

Shares of MOIL advanced 2.26% to Rs 144.95 on BSE. The stock traded in the range of Rs 142 to Rs 145.85 so far.

On the technical front, the stock's RSI (relative strength index) stood at 51.362. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day moving average (DMA) placed at 136.74 and its 200-day moving average (DMA) placed at 135.33.

MOIL's consolidated net profit slumped 90.4% to Rs 13.47 crore on 43% drop in net sales to Rs 248.66 crore in Q4 March 2020 over Q4 March 2019.

MOIL is engaged in the exploration, exploitation and marketing of manganese ore and products, such as electrolytic manganese dioxide and high carbon ferro manganese alloy. The company operates through three segments: mining, manufacturing and power generation.

The Government of India holds 53.84% stake in MOIL as on 31 March 2020.

Powered by Capital Market - Live News