MOIL surges on back of hike in manganese ore prices

State-owned manganese ore mining company MOIL witnessed a surge in its share price on Thursday following the revision of prices of different grades of manganese ore and other products.

The revised prices of the products that include a hike of around 10 per cent in the prices of ferro grade, SMGR and chemical grade will be effective from March 1, 2018 itself. Further, the prices of fines also witnessed a hike of nearly 5 per cent along with a continued discount of 10 per cent on the basic price of fines namely BGF534, DBF487 and UKF532, respectively.

In the stock exchange, MOIL has surged by over 24.72 per cent in the past one year. In the third quarter of the fiscal year 2018, the company posted a hike in profits by 2.3 per cent on a year-on-year basis to Rs. 104 crore, respectively.

Following the price revision of products, the share price of the company hit an intraday high of Rs. 228 per share and an intraday low of Rs 225.75 per share on BSE on Thursday, respectively. At 12:39 hours IST, the stock was trading at Rs. 226.55 per share, higher by 2.44 per cent on Thursday.

The stock had touched its 52-week high of Rs. 285.50 per share on October 24, 2017 and its 52-week low of Rs. 147.50 per share on May 25, 2017 on BSE, respectively.