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MOIL announces reduction in manganese ore prices

Capital Market 

MOIL reduced the prices of manganese ore with effect from Wednesday, 1 December 2021.

Shares of MOIL rose 0.15% to close at Rs 169 on BSE yesterday, 30 November 2021.

The prices for the month of December 2021 for all chemical grades of manganese ore have been reduced by 5% on the prices prevailing since 1 November 2021 w.e.f. midnight of 30 November 2021/ 1 December 2021.

However, the prices for the month of December 2021 for all ferro grades, SMGR grades (Mn-30% & Mn-25%) and fines have been continued as prevailing since 1 November 2021 w.e.f. midnight of 30 November 2021/ 1 December 2021.

MOIL's net profit surged to Rs 60.24 crore in Q2 FY22 from Rs 7.33 crore in Q2 FY21. Net sales during the quarter rose 1.5% Y-o-Y (year-on-year) to Rs 311.73 crore.

MOIL, a Schedule 'A' Miniratna category-I company, produces and sells different grades of manganese ore. It operates eleven mines, seven located in the Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya Pradesh.

While the Government of India held 64.35% stake in the company, Life Insurance Corporation (LIC) of India held 7.90% stake and the remaining 27.75% stake was held by public shareholders as on 30 September 2021.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, December 01 2021. 08:59 IST