Shares of State-owned MOIL Ltd. gained over 3 percent in intraday trade on Friday after the company announced that it registered a 10 percent year-on-year growth in manganese ore production at 1.31 lakh tonnes (LT) in February, compared to the output in the corresponding month last year.
The company’s manganese ore sales also increased 19 percent year-on-year to 1.32 lakh tonnes in February.
Ajit Kumar Saxena, CMD, MOIL Ltd., said, “The company is fully geared up for a much higher production level in the coming months.”
The Miniratna public sector undertaking (PSU) is the largest producer of manganese ore in India and it contributes 45 percent of the total manganese production in the country. It operates eleven mines in the states of Maharashtra and Madhya Pradesh.
MOIL Ltd. has set a target of doubling its production to three million tonnes by 2030. MOIL is also exploring business opportunities in Gujarat, Rajasthan, Chhattisgarh, and Odisha, besides other areas in Madhya Pradesh.
Recently, MOIL revised prices of manganese ore and other products effective from March 1, 2023. The state-run mining company raised prices by eight percent for all Ferro grades of manganese ore with a manganese content of Mn-44. The basic price of Electrolytic Manganese Dioxide (EMD) was also increased to Rs 2 lakh per million tonnes (MT) from the month of March versus Rs 1.95 lakh per MT previously.
However, it kept the prices of all other Ferro grades of manganese ore with manganese content below Mn-44, SMGR (Mn-30 and Mn-25), fines, and chemical grades unchanged.
Shares of MOIL are trading 2.39 percent higher at Rs 154.15.
