State-run MOIL, a manganese ore mining company, has reported its highest-ever production for September, reaching 1.46 lakh tonnes. This continues the company’s growth trend.
In the first half of the current financial year (April to September 2024), MOIL produced 8.70 lakh tonnes, which is a 7% increase compared to the same period last year.
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Despite challenging market conditions, MOIL also achieved its best-ever September sales, recording 1.59 lakh tonnes. Total sales for April to September 2024 reached 7.51 lakh tonnes, nearly matching the numbers from the same time last year, according to the company’s report.
MOIL has ramped up its exploration efforts, drilling 50,222 meters by September 2024—1.4 times more than it did the previous year.
Ajit Kumar Saxena, Chairman & Managing Director of MOIL, expressed optimism, noting that even with continued rainfall, the rise in production over the first six months was “encouraging.” He added that the MOIL team is preparing to hit higher production and sales targets in the months ahead.
These updates were shared after market hours. MOIL’s stock, however, took a hit, closing at Rs 361.80 on the NSE, down by Rs 24.20 or 6.27%. The broader market has been under pressure, with the BSE Sensex and Nifty falling for the sixth consecutive session. MOIL’s stock has declined for four straight days, losing over 11% during this period.
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