MOIL: Shares Of This Midcap Mining Stock Skyrocket Over 10% Today; Here's Why

The share price of MOIL Ltd hit a six-year high of Rs 265 per share on NSE in Thursday's intraday trade after Quant Mutual Fund (MF) bought 11 lakh equity shares of the company through the open market on Wednesday.

Quant Mutual Fund's Gilt Fund has acquired 11 lakh equity shares at a price of Rs 226.80 per share, representing 0.54% of the total equity of MOIL, via a block deal on the NSE, according to the data available on the exchange.
The names of the sellers who offloaded the companies could not be ascertained immediately.

MOIL shares were spotted trading 9.51% higher at Rs 251 per share on BSE at 1:37 pm IST today.

MOIL is a Miniratna state-owned manganese ore mining company in India.

At present, MOIL operates its underground and opencast mines located in the Nagpur and Bhandara districts of Maharashtra and Balaghat districts of Madhya Pradesh. All these mines are about a century old. The Balaghat Mine is the largest mine of the Company.

On October 2, 2023, the company revealed that it registered its best ever 6-monthly performance during April-September, 2023. Production of Manganese ore jumped to 8.15 lakh MT in the first half of FY'24, registering a growth of 45% over the corresponding period last year (CPLY). Production of 1.35 lakh MT in September month is best ever production for any September month since inception.

MOIL recorded the highest-ever production of Electrolytic Manganese Dioxide (EMD) during the first half of the current year, registering a growth of 26% y-o-y. EMD is a 100% import substitution product, used mostly for pharmaceuticals and the manufacturing of batteries.

On the sales front also, the company registered best ever 6-monthly performance of 7.57 lakh MT during April-September 2023, with a remarkable growth of 54% percent over CPLY.
In the last one year MOIL shares have gained almost 65%, while the stock's year-to-date (YTD) performance is up 47%.

Last month, the Government of India appointed Raghvendra Kumar Singh, Principal Secretary, Department of Mineral Resources, Govt. of Madhya Pradesh, as nominated Director, State Government of Madhya Pradesh on the Board of MOIL Limited with immediate effect till 06.03.2024.