MOIL jumped 4.09% to Rs 153.85 after the company increased prices of different grades of manganese ore and other products, effective 1 September 2020.
MOIL said that the prices of all grades of ferro, SMGR grades (Mn30% & Mn25%), fines and chemical grades have been increased by about 10% from 1 September 2020 on the prices prevailing since 1 August 2020. The announcement was made post trading hours yesterday, 31 August 2020.
MOIL reported a 97.9% fall in consolidated net profit to Rs 1.88 crore on 45.6% fall in net sales to Rs 152.33 crore in Q1 June 2020 over Q1 June 2019.
MOIL is engaged in the exploration, exploitation and marketing of manganese ore and products, such as electrolytic manganese dioxide and high carbon ferro manganese alloy. The company operates through three segments: mining, manufacturing and power generation.
The Government of India holds 53.84% stake in MOIL as on 30 June 2020.
On the technical front, the stock's RSI (relative strength index) stood at 56.262. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading above its 50-day moving average (DMA) placed at 146.94 and its 200-day moving average (DMA) placed at 138.01.
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