MOIL Shares Jump 10% As February Manganese Ore Output Rises 15%

Shares of MOIL Ltd. surged nearly 10% for the fourth consecutive session on Monday after its February manganese ore production rose 15% year-on-year to 1.51 lakh tonne.

In April-February 2024, the company's production grew 37% year-on-year to 15.84 lakh tonne, according to an exchange filing.

Shares of MOIL rose as much as 9.91%, the highest level since Feb. 12, before paring gains to trade 9.5% higher at 10:09 a.m. This compares to a 0.1% advance in the NSE Nifty 50.

The stock has gained 16.63% in the four-day rally. On Friday, the stock gained after it increased prices for ore with manganese content.

The stock has risen 75.12% in the past 12 months. Total traded volume so far in the day stood at 3.15 times its 30-day average. The relative strength index was at 57.05.

Of the four analysts tracking the company, two maintain a 'buy' rating, one recommends a 'hold', and one suggests a 'sell', according to Bloomberg data. The average 12-month analysts' price target implies an upside of 15.9%.