Public sector manganese ore mining major MOIL Ltd. gained over 4 percent on Monday after the company reported an 18 percent growth in production in December 2022 indicating a multi-year record level output of 1,41,321 tonnes at its rated capacity level.
MOIL reported a 91 percent month-on-month growth in sales for December at 1,64,235 tonnes compared to November 2022. The company aims to double its production to 3 million tonnes (MT) by 2030.
Ajit Kumar Saxena, CMD, MOIL, who took charge as CMD on December 29, 2022, expressed confidence that the performance will be continued.
MOIL Ltd. is a Schedule-A, Miniratna category-1 CPSE under the Ministry of Steel. It is the largest producer of manganese ore in India with a market share of 45 percent. It operates 11 mines in Maharashtra and Madhya Pradesh.
The state-owned manganese mining major operates a total of 11 mines — seven in the Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya Pradesh. The company is exploring business opportunities in Gujarat, Rajasthan, and Odisha besides Madhya Pradesh.
The Miniratna company recently revised prices of Manganese ore and other products of different grades with effect from January 1, 2023. The PSU raised the prices of all Ferro grades of manganese ore with a manganese content of Mn-44 percent and above by 15 percent.
Further, 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 increased by 7.5 percent. The basic price of EMD for January has been increased from Rs 1,85,000 per MT to Rs 1,90,000 per MT.
The MOIL Ltd. stock is trading 4.35 percent higher at Rs 168.05.
