MOIL shares rise over 4.5% on strong surge in manganese ore production

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₹314.40 apiece following the company's 2023 production update. In a filing to the exchange on Thursday, the company announced that it had achieved a production of over 16 lakh tonnes in the current calendar year so far, marking another significant milestone for MOIL. This production figure represents a remarkable 26% increase compared to the previous record set in 2019.

Also Read: From Mazagon Dock Shipbuilders to IRCTC, 7 of 8 PSU stocks listed over last 5 years gave multibagger returns Additionally, the company reported that sales for the calendar year up to December 20, 2023, have surpassed 14 lakh tonnes, breaking the multi-year record set in 2007. The company has placed significant emphasis on exploration efforts. In November 2023 alone, MOIL successfully completed core drilling covering 7551 metres, representing a two-fold increase compared to November 2022.

Throughout the period from April to November 2023, MOIL has conducted effective core drilling of 9,389 metres, demonstrating a notable 2.5-fold rise over the same period in the previous year (CPLY), as per the company's exchange filing made on December 04. Also Read: PSU, Realty stocks key outliers in 2023: Nifty PSE, Realty Index rise over 70% MOIL stands as the largest producer of manganese ore, commanding a substantial 46% market share in the country and possessing extensive reserves. Of the total 503 million tonnes of manganese ore resources in India, MOIL holds approximately 101 million tonnes, constituting 20% of the share, showed company's FY23 annual report.