In early Friday trading, MOIL, India’s leading manganese ore producer, witnessed a 4.60% surge in its shares, reaching ₹314.40 each after unveiling its 2023 production update.
The company disclosed in a Thursday filing that it has achieved a noteworthy production exceeding 16 lakh tonnes in the current calendar year, marking a substantial 26% increase compared to the previous record set in 2019. Sales for the year up to December 20, 2023, surpassed 14 lakh tonnes, breaking the multi-year record set in 2007.
With a strong focus on exploration, MOIL completed 7551 meters of core drilling in November 2023 alone, doubling the efforts from the same period in 2022. From April to November 2023, effective core drilling covered 9,389 meters, showing a remarkable 2.5-fold rise compared to the corresponding period in the previous year, as per the company’s December 04 exchange filing.
Holding a substantial 46% market share and possessing approximately 101 million tonnes of manganese ore resources, MOIL is the largest producer in India, actively expanding both domestically and internationally to meet rising demand. The company’s shares have demonstrated a remarkable year-to-date return of 84%, rising from ₹170 per share to ₹312.60, delivering their best annual performance since listing in 2010.
As India targets a crude steel capacity of 300 million tonnes by 2030–31, MOIL stands poised for growth, with the country’s increasing demand for manganese ore (4.56% growth) outpacing production growth (1.32%).
At 10:00 AM, MOIL’s stock traded with a gain of 3.97% at ₹312.60 per share. The company remains well-positioned to capitalize on the burgeoning opportunities in the manganese ore industry.
