MOIL lost 1.38% to Rs 249.30 at 12:44 IST on BSE, with the stock sliding on profit booking after Monday's gains triggered by the company executing prospective licence deeds with the Government of Maharashtra over an area of 597.44 hectares.
Meanwhile, the S&P BSE Sensex was down 39.41 points or 0.18% at 22,016.07.
On BSE, so far 20,000 shares were traded in the counter as against average daily volume of 11,598 shares in the past one quarter.
The stock was volatile. The stock lost as much as 2.09% at the day's low of Rs 247.50 so far during the day. The stock rose as much as 0.67% at the day's high of Rs 254.50 so far during the day. The stock had hit a 52-week high of Rs 259.95 on Monday, 24 March 2014. The stock had hit a record low of Rs 182.35 on 7 August 2013.
The stock had outperformed the market over the past one month till 24 March 2014, surging 10.8% compared with the Sensex's 5.98% rise. The scrip had, however, underperformed the market in past one quarter, gaining 4.72% as against Sensex's 4.86% rise.
The mid-cap company has equity capital of Rs 168 crore. Face value per share is Rs 10.
Shares of MOIL had surged 4.92% to settle at Rs 252.80 on Monday, 24 March 2014 after the company during trading hours on Monday, 24 March 2014 said that prospecting licence (PL) deeds were executed and registered for grant of PL by Government of Maharashtra over an area of 597.44 hectares in Nagpur and Bhandara districts.
MOIL had on 10 July 2013 announced the grant of prospecting licence (PL) by Government of Maharashtra over an area of 597.44 hectares in Nagpur and Bhandara districts of Maharashtra. For MOIL, the grant of PL is a major achievement and will go a long way in not only increasing the life of the existing mines but also considerably improve the business prospects of the company to meet the growing demand of steel industry in India, the company said at that time.
MOIL's net profit jumped 38.8% to Rs 157.62 crore on 15.5% growth in net sales to Rs 263.62 crore in Q3 December 2013 over Q3 December 2012.
MOIL operates 10 mines, six located in the Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya Pradesh.
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