Shares of MOIL Ltd gained nearly 8 per cent on Friday after the company informed bourses that it has increased prices of various grades of manganese ore with effect from September 1. The company has increased prices of all ferro grades of ore with the Mn content 45 per cent and above by 25 per cent on the existing prices prevailing since July 1. It has also hiked prices of all other Ferro Grades of ore below Mn 45 per cent by 20 per cent. It further raised prices of all grades of SGMR (Mn 30 per cent) and SMGC Low (Mn 5 per cent) by 15 per cent on the prevailing prices since July 1, 2016. MOIL has also hiked prices of all grades of fines and all chemical grades ore by 15 per cent each on the prevailing prices since July 1. However, the existing price of Electrolytic Manganese Dioxide (EMD) has remained unchanged.
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Shares of the company closed 7.98 per cent up at Rs 270. The scrip opened the day at Rs 249.75 and touched a high and low of Rs 284.10 and Rs 249.70, in trade. Benchmark BSE Sensex settled 108.63 points up at 28532.11.
For the quarter ended June 30, 2016, the company reported a net profit of Rs 47.15 crore, down 47.54 per cent, against Rs 89.88 crore in the same quarter last year. Operating profit of the company slipped by 36.79 per cent year-on-year to Rs 93.54 crore in the quarter under review. Net sales of MOIL stood at Rs 183.53 crore for the quarter ended June 30, 2016 against Rs 182.78 crore in the same quarter last year.