Home / Markets / Stock Markets /  Metal stock declares dividend for investors. Record, payment dates details inside

While announcing its earnings for the third quarter ended December 2022, state-owned mining company MOIL said its board has also approved and declared an interim dividend of 3 per share for its investors for the financial year 2022-23. A dividend is a reward that companies often provide to their shareholders from a portion of their earnings.

“it is to inform that the Board of Directors of the Company in their meeting held has: Declared interim dividend 3 per equity share of face value 10 each for the financial year ending on 31st March, 2023. As earlier informed to the exchange the Record date for the purpose of payment of dividend is 08.02.2023. The date of payment of interim dividend for the financial year 2022-23 shall be 28.02.2023," the company said in an exchange filing earlier this week.

MOIL Limited is a Schedule-A, Miniratna category-1 CPSE under the administrative control of the Ministry of Steel, Government of India. MOIL is a leading producer of the manganese ore in the country with a market share of 45%, operating eleven mines in the State of Maharashtra and Madhya Pradesh. The metal stock is down about 10% in a year's period.

During the quarter ended December 2022, the company's net profit rose over 45% to 39.5 crore from the year-ago quarter whereas its revenue from the operation grew 28% year-on-year (YoY) to 302 crore during the quarter under review.

"The company has produced 3.37 lakh tonnes as against 2.41 lakh tonnes of manganese registering growth of 40 per cent during the same period. Sales of manganese ore also increased by 44 per cent from 2.06 to 2.97 lakh tonnes in comparison to the second quarter of 2022-23," the Ministry of Steel said in a release on Thursday.

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