MOIL share price jumps over 4% as manganese ore production rises 35% YoY in November
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.
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“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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Updated: 05 Dec 2023, 11:06 AM IST
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