Moil surges on strong Q4 results

The stock has rallied 5% to Rs 339 after reporting 36% yoy growth in net profit at Rs 149 crore for March 2014 quarter.

Moil has surged 5% to Rs 339 after reporting a healthy 36% year on year (yoy) growth in net profit at Rs 149 crore for the fourth quarter ended March 31, 2014 (Q4FY14), on back of strong operational performance. The state-owned mining company had profit of Rs 110 crore in the same quarter last year.

Net sales during the quarter under review increased by 9% yoy at Rs 292 crore, while total expenditure declined 17% to Rs 138 crore on yoy basis, MOIL said in a statement.

Meanwhile, the board has recommended final dividend at the rate of Rs 3.50 per equity share of Rs 10 each, it added.

The stock opened at Rs 330 and hit a fresh 52-week high of Rs 341 on NSE. Till 0955 hours, a combined 211,733 shares changed hands on the counter on BSE and NSE.