Shares of Manganese ore major MOIL are in the green for the fourth day, jumping nearly 15% after the state-run company's February manganese ore production rose 15% year-on-year to 1.51 lakh tonne. At 11:03 am, the scrip was trading 8.35% higher at ₹304.45 apiece on NSE. The stock has tumbled 3% so far this year while it has rallied over 95% in the last one year.
In April to February 2024, the company's production rose 37% year-on-year to 15.84 lakh tonne, surpassing best-ever production of any financial year since inception, MOIL said in a regulatory filing.
On the sales front too, the state-owned manganese ore giant has achieved sales of 1.56 lakh tonnes, 18% higher than February 2023. During the year (upto February 2024) sales of 13.91 lakh tonnes has been achieved, scaling a growth of 32% year-on-year, it said.
In the current financial year upto February, 2024, MOIL has carried out core drilling of 78,922 meters which is more than double year-on-year, the company said.
Chairman-cum-Managing Director (CMD) Ajit Kumar Saxena congratulated team MOIL for their concerted efforts, resulting in this record performance. "He reposed full faith that this growth momentum will be continued during the next financial year," the company said in a release.
With a 50% market share, MOIL is the largest producer of manganese ore in India. The company is headquartered in Nagpur, with 11 mines in adjoining districts of Maharashtra and Madhya Pradesh. Various grades of ore are used for production of manganese metals and alloys, whereas refined manganese dioxide is often used as a supplement in cattle feed and fertilisers.
Of the four analysts tracking the company, two have maintained a 'Buy' rating, one recommended 'Hold', and one suggested a 'Sell', according to data from Bloomberg.
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