MOIL shares spike 13% as company achieves best-ever February production
MOIL, the country's largest manganese ore producer, rose by 13% to reach ₹313.40 apiece in today's early trade following the company's February production update. In a filing on Saturday, the company announced that it achieved the best-ever February production of 1.51 lakh tonnes of manganese (Mn) ore, marking an increase of 15% year-on-year. Notably, the cumulative production from April to February 2024 stood at 15.84 lakh tonnes, reflecting 37% year-on-year growth and surpassing any previous fiscal year's production record since the company's inception.
Also Read: Elara Securities sets record target prices on multibagger PSU stocks PFC and RECL; here's why Furthermore, on the sales front, MOIL reported a significant uptick, with sales reaching 1.56 lakh tonnes in February 2024, marking an 18% increase compared to February 2023. For FY24 up to February, the company achieved sales of 13.91 lakh tonnes, indicating robust 32% year-on-year growth. MOIL has consistently emphasised exploration efforts, evident in its substantial core drilling activities.
As of February 2024, the company had conducted core drilling of 78,922 metres, more than doubling the figures from the previous fiscal year. Also Read: Shankar Sharma portfolio: Ace investor buys stake in this NSE SME stock. Share hits life-time high The company stands as the largest producer of manganese ore, commanding a substantial 46% market share in the country and possessing extensive reserves.
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