MOIL rises on receiving patent from the Govt

MOIL rose 1.99% to Rs 195.05 after the company said it has received its first patent for innovation in technology for a period of 20 years.

MOIL filed a patent application for "a composition useful as an alternative filling material for hydraulic stowing in an underground mine and the methods thereof". The government has granted patent for 20 years from 31 March 2018. This is first patent of MOIL since its inception.

Presently, hydraulic sand stowing is used for filling voids created in underground. This requires use of large quantity of rivers and and other materials for filling the voids. MOIL tookup a project of replacement of sand - a valuable natural resource - with alternate materials. Under the project, MOIL prepared an in-house kiln for heat treatment of the waste/overburden materials and invented suitable mix and heat technology by addition water, gypsum, bentonite, dolomite, etc.

This technology is highly useful for any type of the waste material which is lying at mine/lease area. Any waste material which is excavated from the earth can be utilised for this process and processed material is able to give its geo-engineering strength upto 80% from the insituto the product as confirmedfrom the field trials. The invention has a good potential to use any waste material lying in the mine and, as such, will save the river sand which is scarce natural resource, the company said.

MOIL, a Schedule 'A' Miniratna category-I company, produces and sells different grades of Manganese Ore. It operates 11 mines, seven located in the Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya Pradesh. The Government of India holds 53.84% stake in MOIL as on 31 March 2021.

The company reported net profit of Rs 116 crore in Q4 FY21, steeply higher compared with 13.47 crore in Q4 FY20. Net sales grew 81% to Rs 450.14 crore in Q4 FY21 as against Rs 248.66 crore in Q4 FY20. Profit before tax stood at Rs 159.37 crore in Q4 FY21, steeply higher than Rs 21.62 crore in Q4 FY20.

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