MOIL shines after revising product prices

MOIL gained 4.23% to Rs 163.95 at 10:05 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 October 2018.

The announcement was made after market hours on Monday, 1 October 2018. Stock markets were closed yesterday, 2 October 2018 for local holiday.

Meanwhile, the S&P BSE Sensex was down 239.26 points, or 0.66% to 36,286.88

On the BSE, 31,000 shares were traded in the counter so far, compared with average daily volumes of 40,000 shares in the past two weeks. The stock had hit a high of Rs 167.95 and a low of Rs 158 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 154.10 on 1 October 2018.

MOIL said that in line with the business practice of fixing/revising prices Manganese Ore, the company has fixed/revised prices of different grades of Manganese Ore, effective from 1 October 2018. The prices of Ferro Grade, SMGR (Mn 30% & Mn 25%), Chemical Grade and Fines have been increased by about 10% on the existing prices prevailing since 1 September 2018. A discount of 10% will be offered on the prices effective from 1 October 2018 on specific grades of materials i.e. BGF534, DBL456 & BGL523 for dispatches during October 2018.

The basic price of Electrolytic Manganese Dioxide (EMD), has been increased by Rs 9000 PMT on the existing price prevailing since 1 July 2018. Ferro Manganese/ Ferro Manganese Slag and some identified grades of Manganese Ore will continue to be sold on e-auction basis as well as through Metal Mandi (M3) of MSTC.

MOIL produces and sells different grades of manganese ore.

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