MOIL shines after manganese ore price revision

MOIL jumped 4.62% to Rs 152.75 after the company revised prices of different grades of manganese ore effective from 1 January 2020.

The prices of all grades of manganese ore having Mn-44% and above have been increased by around 7.5% and all the other ferro grades of manganese ore having manganese below 44% have been increased by around 10 % on the prices prevailing as on 31 December 2019.

The prices of SMGR grades (Mn-30% & Mn-25%) and all grades of fines (except Balaghat fines) have been increased by around 15% and price of Balaghat fines have been increased by 10% on the prices prevailing as on 31 December 2019.

The prices of all grades of chemical have been increased by around 10% on the prices prevailing as on 31 December 2019. The basic price of Electrolytic Manganese Di-oxide (EMD) has been increased by around 5% on the prices prevailing as on 31 December 2019.

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 price, the company said after market hours yesterday, 1 January 2020.

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 held 56.01% stake in MOIL as on 30 September 2019.

MOIL's consolidated net profit fell 15.7% to Rs 88.59 crore on 29.3% decline in net sales to Rs 253.11 crore in Q2 September 2019 over Q2 September 2018.

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