Multibagger MOIL share price skyrockets 9% to 52-week highs post price hike announcements
- Stock Market Today: Multibagger MOIL Ltd share price skyrocketed more than 9% on Thursday to scale 52-week highs, post price hike announcements. MOIL had announced price hikes not only for Manganese Ore but other products too by up to 40% for the month of May, effective 1st May'2024
Stock Market Today: Multibagger MOIL Ltd share price skyrocketed more than 8% on Thursday. The gains for MOIL share price were fueled by price hike announcements.
With todays gains the MOIL share price have risen 179% in last one year giving Multibagger returns to investors.
More than 45% of India's total manganese production comes from State Owned MOIL, the nation's biggest producer of manganese ore. with effect from 1st of May' 2024, MOIL Ltd has revised prices for Manganese Ore and other products
1. The prices of all Ferro grades of manganese ore with Manganese content of Mn-44% and above have been increased by 40% on the prevailing prices for the month of May'2024
2. The prices of all other Ferro grades of manganese ore with Manganese content below Mn-44% have been increased by 25% on the prevailing prices
3. The prices of all SMGR or Silico Manganese Grade (Mn-30% & Mn-25%), Fines and Chemical grades have been increased by 25% on the prevailing prices
4. The basic price of Electrolytic manganese dioxide (EMD) has been increased by Rs. 2000 per metric tonne from Rs.207000/- per metric tonne to Rs. 209000/- pmt for the month of May, 2024.
As the price hikes may drive benefits, the MOIL Ltd had also announced strong production and sales volumes a few days back
At 17.56 lakh tonnes, registering a significant growth of 35% y-o-y in FY24 , MOIL Ltd registered its highest ever production recorded in a year. The same was 29% higher than the previous best ever production of 13.64 lakh tonnes in FY 2007-08
MOIL also achieved its best ever annual sales of 15.36 lakh tonnes in FY’24, which marked a remarkable growth of 30% y-o-y. The sales volume was 10% higher than the previous best ever sales of 13.92 lakh tonnes in FY 2007-08.
For the quarter Ending March'2024, analysts at Antiue Stock Broking expect revenue at ₹363.4 crore to rise 18.7% sequentially. As Earnings before interest tax depreciation and amortisation (Ebitda) at ₹128.4 crore is expected to rise sequentially, the net profit is expected to rise 54% sequentially to ₹84 crore.
MOIL remains among top picks of Antique Stock Broking in the metals space along with NMDC Ltd and Hindalco Industries Ltd.
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