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This stock skyrockets; share price increased by 50%; gained over 178% in a year; All details here….

This stock is up an amazing 31.30% just in the last four trading sessions, upon reaching its lowest points in March 2024, the stock's value has increased by an astounding 61%

Harshit Bhatia by Harshit Bhatia
26 April 2024
in Business, News
20
This stock skyrockets; share price increased by 50%; gained over 178% in a year; All details here.... : Power Corridors

This stock skyrockets; share price increased by 50%; gained over 178% in a year; All details here.... : Power Corridors

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Leading manganese ore producer in India, MOIL, stock surged higher for the fifth straight trading session on Friday, gaining 2.5% to reach a new all-time high of ₹443 per share.

Manganese Ore Stock Surges: Record Highs and Robust Growth

MOIL Ltd revises prices of Manganese Ore from Aug 1, 2022 | EquityBulls

The stock is up an amazing 31.30% just in the last four trading sessions. Upon reaching its lowest points in March 2024, the stock’s value has increased by an astounding 61%. The shares have remarkably increased by over 50% so far in April, marking the largest monthly increase since listing. It increased by 178% during the previous year.

The robust performance of manganese ore can be ascribed to the increasing costs of the mineral in addition to its high sales and production levels. According to the company’s exchange filing, the company revised the prices of different grades of manganese ore and other products earlier this month. The increases ranged from 3% to 6%.

At 17.56 lakh tonnes in FY24, it reached its highest production volume since its founding, a noteworthy 35% year-over-year increase. This is a 29% increase over the previous record of 13.64 lakh tonnes, which was set in FY 2007–08.

Also Read: Vi Faces Share Price Volatility Ahead of FPO Listing; Shares Drop 9%

Record-breaking Sales and Production: Driving Growth in FY24

MOIL posts 55% increase in net profit for Q3 FY23

In the same way, the company’s sales reached 15.36 lakh tonnes in FY24, an amazing 30% year-over-year growth, and its best-ever sales figures. This is a 10% increase over the previous record of 13.92 lakh tonnes, which was set in FY 2007–08.

Furthermore, the company has produced 1413 tonnes of electrolytic manganese dioxide (EMD), a 28% increase from the previous year and its highest-ever production. EMD is a 100% import substitution product that is mainly used in the production of batteries and pharmaceuticals.

With large reserves and a commanding 46% market share, the company is India’s top producer of manganese ore. Out of India’s total 503 million tonnes of manganese ore resources, MOIL possesses about 101 million tonnes, or a significant 20% share, according to its FY23 annual report.

Also Read: Analyzing the Factors Behind Jio Financial Services’ 73% Stock Rally in 6 months

Strategic Expansion and Financial Growth

The company has deliberately increased its domestic and international investments in response to growing opportunities and demand. MOIL is aggressively growing its current mines and looking into possible locations for new ones. In order to diversify its projects, it is also concentrating on purchasing areas that are close to its present mines.

Regarding financial performance, during the first nine months of FY24, the company’s revenue from operations was ₹1,033.55 crore, which represents a 13% increase over the same period in the previous year. It declared a profit after tax (PAT) of ₹203 crore for this period, a significant increase of 19.41% over the PAT of ₹170 crore for the same period in FY23.

Tags: Business NewsManganese Ore stocksMOIL StockStock MarketStock Market latest newsStock Market updates
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