MOIL nears all-time high; stock zooms 49% in October so far

The stock soared 15% to Rs 284 on the BSE in early morning deal, trading close to its record high of Rs 296 touched on December 15, 2010 in intra-day trade.

MOIL soared 15% to Rs 284 on the BSE in early morning trade, extending its past three weeks' rally, on back of heavy volumes. The stock of mining company was trading close to its all-time high of Rs 296 touched on December 15, 2010 in intra-day trade.

Thus far in the month of October, the stock zoomed 49% from Rs 190 after the company said it hiked prices of various grades of manganese ore with effect from October 1, 2017.

The company has fixed/revised prices of different grades of manganese ore and other products, effective from October 1, 2017.

“The prices of various grades of manganese ore have been increased by 7.25% on the existing prices prevailing since July 1, 2017. The price of electrolytic manganese dioxide (EMD) has been increased by 2.36%,”MOIL said in a statement.

Analysts at Reliance Securities said MOIL’s volume is expected to increase both year-on-year (YoY) and quarter-on-quarter basis in September quarter (Q2FY18).

“The profit after tax (PAT) is expected to witness impressive growth on YoY basis owing to higher realisation. Realisation is expected to increase on YoY basis but remain largely flat on sequential comparison,” the brokerage firm said in results preview.

At 10:36 AM; the stock was trading 12% higher at Rs 276 on the BSE, against 0.13% rise in the S&P BSE Sensex. The trading volumes on the counter jumped almost four-fold with a combined 4.84 million shares changed hands on the BSE and NSE so far.