MOIL rose 1.03% to Rs 298.20 at 10:21 IST on BSE after the Department of Disinvestment issued a newspaper advertisement for appointment of merchant bankers for divesting 10% stake in the state-run firm.
Meanwhile, the S&P BSE Sensex was up 69.03 points or 0.25% at 27,440.87
On BSE, so far 2,483 shares were traded in the counter as against average daily volume of 16,655 shares in the past one quarter.
The stock hit a high of Rs 303 and a low of Rs 294.10 so far during the day. The stock had hit a 52-week high of Rs 341 on 26 May 2014. The stock had hit a 52-week low of Rs 210.50 on 10 February 2014.
The stock had underperformed the market over the past one month till 19 December 2014, falling 4.76% compared with Sensex's 2.36% fall. The scrip had also underperformed the market in past one quarter, sliding 2.46% as against Sensex's 1.04% rise.
The mid-cap company has equity capital of Rs 168 crore. Face value per share is Rs 10.
The Department of Disinvestment issued a newspaper advertisement for appointment of merchant bankers for divesting 10% stake in state-run MOIL. The government intends to divest 10% stake in MOIL during the current fiscal year through the Offer for Sale (OFS) route via the stock exchanges mechanism. The government currently holds 71.57% stake in MOIL.
MOIL's net profit rose 22.7% to Rs 111.14 crore on 7.1% growth in net sales to Rs 242.87 crore in Q2 September 2014 over Q2 September 2013.
MOIL operates 10 mines, six located in the Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya Pradesh.
Powered by Capital Market - Live News
