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03-Apr2018

MOIL gains on reporting 1.2 MT of manganese ore production during FY18

MOIL is currently trading at Rs. 204.20, up by 3.05 points or 1.52% from its previous closing of Rs. 201.15 on the BSE.

The scrip opened at Rs. 203.00 and has touched a high and low of Rs. 204.20 and Rs. 202.50 respectively. So far 1,581 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 285.50 on 24-Oct-2017 and a 52 week low of Rs. 147.50 on 25-May-2017.

Last one week high and low of the scrip stood at Rs. 205.00 and Rs. 190.55 respectively. The current market cap of the company is Rs. 5,248.00 crore.

The promoters holding in the company stood at 65.58%, while Institutions and Non-Institutions held 17.22% and 17.21% respectively.

MOIL has produced about 1.2 million tonnes (MT) of Manganese ore during FY18 which is the highest ever production in last 10 years. It has also recorded the highest ever production as well as sales of non-fines manganese ore during financial year 2017-18.

Besides, in order to achieve the production target of 2 MT by 2021 and 2.5 MT by 2025, the company has taken up various mine development and expansion projects which include setting up of high speed shaft at Balaghat and Gumgaon Mines with total investment of about Rs 460 core. With a view to diversify its activities, the company's board has recently approved projects for setting up of ferro alloy plant of total 75,000 MT capacity at Balaghat and Gumgaon Mines with total investment of about Rs 419 crore.

Further to promote renewable energy and to save the energy cost, the company is in the process of setting up 10.5 MW solar power project at its mine located in the State of Madhya Pradesh and Maharashtra. In addition to this, the company's board has also approved setting up of solar power project of 20 MW capacity at District Rajgarh in Madhya Pradesh State with total investment of about Rs 110 crore.

MOIL is the largest iron ore company in India and fifth largest in world. It currently operates seven underground mines (Kandri, Munsar, Beldongri, Gumgaon, Chikla, Balaghat and Ukwa mines) and three opencast mines (Dongri Buzurg, Sitapatore/Sukli, and Tirodi).


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