MOIL gains on revised manganese ore prices

NEW DELHI: Shares of MOIL surged nearly 3 per cent on Tuesday after the company increased prices of different grades of manganese ore and other products, effective from October 1, 2017.

Following the development, the stock advanced 2.87 per cent to Rs 195.10 on BSE. It opened at Rs 200 and touched an intraday high and low of Rs 200 and Rs 194.80 respectively.

The company informed the bourses that the prices have been increased by 7.25 per cent on the existing prices prevailing since July 1 of various grade of manganese ore.

"The price of electrolytic manganese dioxide (EMD) has been increased by 2.36 per cent on the existing price prevailing since July 1," the filing said.

For the quarter ended June 30, 2017, MOIL reported total revenue of Rs 339.40 crore and net profit stood at Rs 97.73 crore.

The scrip touched its fresh 52-week high of Rs 214.50 on January 12, 2017 and its 52-week low of Rs 120.95 on September 30, 2016.