MOIL Ltd. saw its shares rise by 2.5%, reaching ₹370.75, following the announcement of record production and sales for September 2024. The company reported a significant 15% month-on-month increase in production, achieving 1.46 lakh tonnes. This marks the best September production in the company’s history. Additionally, MOIL recorded sales of 1.59 lakh tonnes during the same period.
Key Highlights:
- Production Growth: MOIL’s production during April to September 2024 reached 8.70 lakh tonnes, reflecting a 7% increase over the corresponding period last year (CPLY).
- Sales Performance: Sales for the first six months of FY 2024-25 remained steady at 7.51 lakh tonnes, despite challenging market conditions.
- Exploration Efforts: The company significantly ramped up its exploration activities, conducting 50,222 meters of exploratory core drilling, 1.4 times more than the previous year.
MOIL’s CMD, Ajit Kumar Saxena, expressed satisfaction with the company’s performance, particularly in light of continued rainfall, and reaffirmed MOIL’s commitment to achieving higher production and sales in the coming months.
TOPICS:
MOIL