State-owned manganese ore mining company MOIL Ltd. has reduced the prices of different grades of manganese ore and other products by 5 percent for the December quarter with effect from Thursday.
The Mini Ratna public sector undertaking on Wednesday informed stock exchanges that the prices of all Ferro grades of Manganese ore with a Manganese content of Mn-44 percent and above have been decreased by 5 percent on the prevailing prices since November 1.
Similarly, the prices of all other Ferro grades of manganese ore with manganese content below Mn-44 percent, SMGR (Mn-30 percent and Mn-25 percent), fines, and chemical grades have been reduced by 5 percent on the prevailing prices.
The Nagpur-headquartered company, however, increased the basic price of Electrolytic Manganese Dioxide EMD to Rs 1,85,000 Per Metric Tonne (PMT) for the month of December from 1,80,000 Per Metric Tonne (PMT) earlier. It had hiked the price of EMD from Rs 1.7 lakh PMT to Rs 1.8 lakh PMT for the month of November.
MOIL has a plant to manufacture 1,500 MT per annum capacity of Electrolytic Manganese Dioxide (EMD). The product is used for the manufacture of dry battery cells.
MOIL operates 11 mines, seven located in the Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya Pradesh.
The company reported a 24.2 percent decline in revenue for the September quarter at Rs 235.99 crore compared to Rs 311.73 crore for the same quarter a year ago. Its profit declined 54 percent to Rs 27.34 crore from Rs 60.23 crore in the year-ago quarter mainly due to an exceptional loss. Mining products contributed the most to the company's topline.
Shares of the company are trading at Rs 161.35, up 0.22 percent.
