MOIL climbs over 2 per cent after reducing product prices by 5 per cent
MOIL Limited recently announced that the prices of all grades of Ferro, Silicomanganese grades (Manganese 30 per cent & Manganese 25 per cent), fines, and chemical grades have been reduced by about 5 per cent w.e.f May 1, 2021, on the prices prevailing since April 1, 2021.
Reacting to this, the company’s stock today increased by 2.70 per cent and made an intraday high of Rs 169.50 per share at 9.52 am.
Besides, the company reported a net profit of Rs 51.38 crore in Q3FY21. It had reported a profit of Rs 55.46 crore in Q3FY20, which is a decrease of 7.35 per cent. The company reported net sales of Rs 267.70 crore for Q3FY21, an increase of 4.48 per cent as against the net sales of Rs 256.22 crore for Q3FY20.
MOIL is engaged in the exploration and marketing of manganese ore & products, such as electrolytic manganese dioxide and high carbon ferromanganese alloy.
According to BSE data, the stock traded at a P/E multiple of 52.88 and a price-to-book ratio of 1.45. The stock has a 52-week high and a 52-week low of Rs 177.75 and Rs 119, respectively.
At 1.38 pm on Monday, the stock of the company was trading at Rs 167.10, up by 1.24 per cent on BSE.