A 25% surge in this PSU over three sessions makes the government richer by Rs 750 crore

Today's surge has also taken the stock to a 52-week high. MOIL's record high is Rs 295.52, which it hit in December 2010, For 2023, the stock is up over 60%, which is its second-best annual performance since listing after 2016.

On the charts, the stock has also entered the overbought territory with the Relative Strength Index (RSI) rising to 71.2. An RSI reading above 70 indicates that the stock is in overbought territory.

The government holds a 64.68% stake in MOIL, which at its current market price is valued at nearly Rs 3,500 crore. Over the last three sessions, the value of the government's stake has gone up by Rs 750 crore.

Among public shareholders of MOIL, LIC owns a 7.5% stake in the company, followed by MFS International New Discovery Fund, which owns a 3% stake.

"MOIL witnessed a swing high breakout retest on the monthly charts which pushed it towards 250 levels. The stock has witnessed a strong upside recently but it is currently trading below multi-year resistance on the monthly charts. The stock has a 13-year falling trendline resistance placed at 280 levels. Significant upside is expected in the stock once it gives a monthly close above this level," Gaurav Bissa of InCred Equities told CNBC-TV18.

"Till then it is expected to trade with positive bias but with limited upside. Traders are expected to book profits whereas investors can hold for further gains. Those who wish to buy the stock are expected to do so after the breakout is confirmed," he added.

MOIL recently reported its best-ever six-month performance with production rising by 45% and sales rising by 54% compared to the April-September period last year.

The company also recorded the highest-ever production of Electrolytic Manganese Dioxide (EMD) during the first half of the current year, registering a growth of 26% from last year.

Shares of MOIL are trading 12.8% higher at Rs 259. You can read more on why shares of MOIL and its peers like GMDC and NMDC are surging in today's session here.