MOIL share price jumps over 4% as manganese ore production rises 35% YoY in November
- In the April-November period of FY24, MOIL registered a growth of 43% YoY, with production of 10.9 lakh tonnes of manganese ore.
MOIL share price jumped over 4% in early trade on Tuesday after the state-run company reported a 35% year-on-year (YoY) rise in its manganese ore production at 1.62 lakh MT in November 2023. MOIL shares gained as much as 4.71% to ₹327.55 apiece on the BSE.
In the April-November period of FY24, the company registered a growth of 43% YoY, with production of 10.9 lakh tonnes of manganese ore.
On the sales front, its sales grew 18% YoY in November. For FY24 so far, the sales of MOIL grew 52% from the same time period in the previous year.
“In the recent past, the company has been giving utmost thrust to exploration. In November, 2023 alone, MOIL accomplished core drilling spanning 7551 meters, marking a two-fold increase compared to November, 2022. During April-November 2023 period, MOIL has effectively carried out core drilling of 49,389 meters, showcasing a 2.5-fold rise YoY,” MOIL said in an exchange filing.
MOIL share price has seen a decent rally with the stock rising more than 35% in the past one month. MOIL shares have gained over 98% year-to-date (YTD).
At 11:05 am, MOIL shares were trading 2.17% higher at ₹319.60 apiece on the BSE.
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