Kotak Securities is bullish on MOIL has recommended buy rating on the stock with a target price of Rs 260 in its research report dated April 10, 2018.
Kotak Securities's research report on MOIL
Driven by tight supply and restocking of the inventories, international prices of manganese ore has rebounded to multi-year high of over $7.5/dmtu (CNF India is at $8.5/dmtu). Backed by the firm international price, MOIL has further increased manganese ore price in April 2018 by 5-12% across all the grades, in addition to the 5-10% hike taken in the month of March 2018.
Outlook
Besides this, firm global iron ore prices and visibility of improvement in domestic demand of high grade manganese ore, we believe manganese ore prices in the domestic market is likely to remain strong, which should support the earnings. We reiterate BUY, with a target price of Rs260.For all recommendations report, click here
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