MOIL jumps 5% on hike in product prices for Jan-March quarter

NEW DELHI: Shares of state-run MOIL jumped over 5 per cent in Wednesday’s trade after the company informed stock exchanges that it has hiked prices for electrolytic manganese dioxide and chemical grades ore by 5 per cent and 15 per cent, respectively.

The prices were hiked for January-March quarter.

Following the announcement, the stock rose 5.24 per cent to hit a high of Rs 383 on BSE. The stock had hit a 52-week high of Rs 394 on December 1, 2016.

The company said it has increased price of electrolytic manganese dioxide by 5 per cent and for all chemical grades ores by 10 per cent from January 1.

It said that prices for on all grades of SMGR and SMGR low have been hiked by 15 per cent.

Prices of all ferro grades of ore have been increased by 10 per cent, while that on all grades of fine by 15 per cent.

At prevailing price, the MOIL stock is trading at 39.68 times its trailing 12-month earnings per share.