03 Jul , 2024 By : Debdeep Gupta
Shares of MOIL surged as much as 9 percent on July 3 after the company posted record quarterly sales and production since inception during the April-June quarter of FY25.
At 09.29 am, shares of MOIL were trading at Rs 531.55 on the NSE.
The company's sales grew 14.5 percent on year to an all-time high in Q1FY25 backed by a record quarterly production which rose to 4.70 lakh tonne, higher by 7.8 percent on year.
MOIL has continued its focus on exploration activities and carried out exploratory core drilling of 30,028 meters in the June quarter, up 49 percent on year.
"It was heartening to see the MOIL team continuing the stellar performance rhythm and breaking the myth of first-quarter syndrome. We remain confident that the company will continue to maintain this momentum in the coming times," Ajit Kumar Saxena, CMD, MOIL said in an exchange filing.
MOIL is India's largest producer and seller of various grades of manganese ore by volume. The company produces high, medium, and low-grade manganese ore, along with manganese dioxide and chemical-grade manganese ore.
The company has been posting record-high production and sales numbers for three straight quarters which has kept momentum in the stock strong in recent times.
Shares of MOIL have also played a role in the past year, having delivered more than two-fold returns during the tenure.
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