This mining company is focusing on enhancing manganese production to 3 MT by 2030
MOIL stock zooms on reporting a 60% growth in production of Manganese Ore in November.
MOIL closed trading at Rs 168.40, up by 6.95 points or 4.30% from its previous closing of Rs 161.45 on the BSE. The scrip opened at Rs 164.30 and touched a high and low of Rs 172.00 and Rs 163.95, respectively. So far 65887 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has a 52-week high of Rs 198.95 and a 52-week low of Rs 137.30.
MOIL has registered a significant growth of 60% in the production of Manganese Ore during November month over October 2022. Production of Manganese Ore stood at 1.2 lakh tonnes in November 2022. On the sales front, MOIL has recorded a growth of 82% during the period over the previous month, in spite of challenging market conditions.
MOIL is the largest iron ore company in India and the fifth largest in the 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).
MOIL Ltd is primarily engaged in the mining of manganese ore and is the largest manganese ore producer in the country. It is a miniratna state-owned company owned by the Government of India. The company is focusing on enhancing Manganese production to 3 million MT by 2030. Additionally, it is exploring diversification options into related businesses and geographies to create value for shareholders.
The company has undertaken expansion projects that include setting up a high-speed shaft at the Balaghat and Gumgaon mines with a total investment of Rs 460 crore. To diversify its activities, a decision has been taken for setting up a ferro alloy plant of a total 75,000 MT capacity at Balaghat and Gumgaon mines with a total investment of Rs 419 crore. The total capex utilization of the company during FY22 was Rs 216 crore. The capex target for FY23 is set at Rs 243 crore.
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