MOIL Rises as Company Cuts Manganese Prices

Shares of MOIL touched a day high of Rs 282.05 on Wednesday, gaining after the company cut prices across its manganese ore products.

Here is what the company actually did. MOIL lowered prices by 5% across most of its manganese ore grades, effective from 1 July.

This covers ferro grade ore with high manganese content, as well as chemical grades, SMGR grades and fines. One particular ferro grade, called BG4584, saw a steeper cut of 10%. Not everything got cheaper though.

A few specific fines codes were left untouched, and the company also held prices steady for Electrolytic Manganese Dioxide, keeping it at Rs 1.80 lakh per tonne, with EMD flakes staying at Rs 1.71 lakh per tonne.

This is part of MOIL’s regular monthly pricing exercise. The company reviews and adjusts its ore prices every month based on market conditions.

The price cut comes on the back of a softer March quarter for the company. Net profit had fallen 20% year on year to Rs 92.6 crore, even though revenue rose slightly by 2.6% to Rs 444.5 crore.

Operating margins had also slipped a bit during that quarter, coming in at 31.3% compared to 32.2% a year earlier.

MOIL is a state-owned company and one of India’s largest producers of manganese ore, a key raw material used in steel making.

The stock closed at Rs 278.85 on the NSE on Wednesday, up 0.27% for the day. It has fallen close to 25% since the start of the year and remains down nearly 28% over the past 12 months.

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