Multibagger Stock: MOIL share price zooms over 50% in April so far, gains 178% in a year

MOIL's stock hits all-time high of 443 per share with 2.5% gain in fifth straight session. In April, shares jumped over 50%, attributed to rising prices of manganese ore.

A Ksheerasagar
First Published26 Apr 2024, 11:58 AM IST
Earlier this month, the company implemented a price revision for various grades of manganese ore and other products, resulting in increases ranging from 3% to 6%.
Earlier this month, the company implemented a price revision for various grades of manganese ore and other products, resulting in increases ranging from 3% to 6%.(Mint)

MOIL, India's leading manganese ore producer, continued its upward trajectory for the fifth consecutive trading session on Friday, reaching a new all-time high of 443 per share with a gain of 2.5%. 

In the last four trading sessions alone, the stock has surged by an impressive 31.30%. Since hitting its lows in March 2024, the stock has seen a remarkable 61% increase in value. Remarkably, in April so far, the shares have jumped over 50%, which is the highest monthly jump since listing. In the last one year period, it gained 178%. 

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This strong performance can be attributed to the rising prices of manganese ore, coupled with its strong sales and production figures. Earlier this month, the company implemented a price revision for various grades of manganese ore and other products, resulting in increases ranging from 3% to 6%, as per the company's exchange filing. 

It has achieved its highest-ever production volume since its inception, totaling 17.56 lakh tonnes in FY24, marking a significant 35% year-on-year growth. This surpasses the previous record of 13.64 lakh tonnes set in FY 2007–08 by 29%.

Similarly, on the sales front, the company achieved its best-ever sales figures, reaching 15.36 lakh tonnes in FY24, indicating impressive 30% year-on-year growth. This exceeds the previous record of 13.92 lakh tonnes set in FY 2007-08 by 10%.

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Additionally, the company has achieved its highest-ever production of electrolytic manganese dioxide (EMD), totaling 1413 tonnes, reflecting a 28% year-on-year increase. EMD serves as a 100% import substitution product, primarily utilised in pharmaceuticals and battery manufacturing.

As the leading manganese ore producer in India, the company commands a significant market share of 46% and boasts extensive reserves. According to its FY23 annual report, MOIL holds approximately 101 million tonnes of manganese ore resources out of India's total 503 million tonnes, representing a substantial 20% share.

In response to emerging opportunities and increasing demand, the company has strategically ramped up investments both domestically and internationally. MOIL is actively developing its existing mines while exploring potential opportunities for new ones. Additionally, it is focusing on acquiring adjacent areas to its current mines to diversify its projects.

Also Read: 9 Nifty Metal stocks including Vedanta, NALCO, SAIL gained 20%-50% in 2024

In terms of financial performance, the company's revenue from operations for the first nine months of FY24 stood at 1,033.55 crore, marking a 13% increase compared to the same period last year. During this period, it reported a profit after tax (PAT) of 203 crore, representing a notable 19.41% growth from the PAT of 170 crore recorded in the corresponding period of FY23.

 

 

Disclaimer: We advise investors to check with certified experts before taking any investment decisions.

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₹588.25 Cr

₹20,000 Cr

7.93 Cr

₹8,943 Cr

20 Yrs

First Published:26 Apr 2024, 11:58 AM IST
HomeMarketsStock MarketsMultibagger Stock: MOIL share price zooms over 50% in April so far, gains 178% in a year

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