MOIL shines after revising prices of products

MOIL rose 3.1% to Rs 229 at 10:02 IST on BSE after the company said that it has fixed/revised prices of different grades of manganese ore and other products, effective from 1 March 2018.

The announcement was made after market hours yesterday, 28 February 2018.

Meanwhile, the S&P BSE Sensex was down 27.52 points, or 0.08% to 34,156.52. The S&P BSE Mid-Cap index was up 1.91 points or 0.01% to 16,564.50, outperforming the Sensex.

On the BSE, 26,049 shares were traded in the counter so far, compared with average daily volumes of 82,066 shares in the past one quarter. The stock had hit a high of Rs 228.65 and a low of Rs 226 so far during the day. The stock had hit a 52-week high of Rs 285.50 on 24 October 2017. The stock had hit a 52-week low of Rs 147.50 on 25 May 2017.

The stock has gained 8.22% in three sessions to its ruling price, from a close of Rs 211.60 on 26 February 2018.

The stock had underperformed the market over the past one month till 28 February 2018, dropping 7.6% compared with the Sensex's 5.18% fall. The stock had also underperformed the market over the past one quarter, declining 11.02% as against the Sensex's 1.68% rise. The scrip had, however, outperformed the market over the past one year, surging 24.89% as against the Sensex's 18.93% rise.

The mid-cap company has equity capital of Rs 266.38 crore. Face value per share is Rs 10.

MOIL has fixed/revised prices of different grades of manganese ore and other products, effective from 1 March 2018. The prices of ferro grade, SMGR (Mn 30% & Mn 25%) and chemical grade have been increased by about 10% on the prices prevailing since 1 January 2018.

The prices of fines have been increased by about 5% on the prices prevailing since 1 January 2018 and continued the discount at the rate of 10% on the basic price from 1 March 2018 of fines namely BGF534, DBF487 and UKF532.

MOIL's net profit rose 2.3% to Rs 103.79 crore on 15.6% drop in net sales to Rs 299.80 crore in Q3 December 2017 over Q3 December 2016.

MOIL produces and sells different grades of manganese ore. The Government of India holds 56.21% stake in the company as per the shareholding pattern as on 31 December 2017.

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