Shares of MOIL gained 4 percent in the morning trade on June 1 after the state-owned manganese ore mining company raised prices for some of ore grades (BGF452, CHF473 and GMF569) by 10 percent.
The mini-ratna has maintained the prices of ferro grade, SMGR, fines and chemical grades and also electrolytic manganese dioxide prices for June.
The price hike is seen improving the margin, according to market participants.
Throughout FY23, MOIL recorded its second-highest production since inception. The sales of manganese ore amounted to 11.78 lakh tonnes, slightly lower from FY22 due to market conditions but the sales turnover of EMD in FY23 reached a new high, registering more than 100 percent growth from the previous year.
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At 9.34 am, MOIL was quoting at Rs 158.50 on BSE, up 2.13 percent from the previous day. The stock performance has been rather dull in the past few months. In the past three months, the scrip gained merely 5 percent but is down 1.5 percent this year.
CBI case
The Central Bureau of Investigation (CBI) on May 31 filed a case against a senior company official and several other individuals for an alleged fraud of Rs 1.35 crore.
Sachin Gajallewar, Chief Manager (Finance) of MOIL, and the others were booked under the relevant sections of the IPC and the Prevention of Corruption Act.
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