Shares of MOIL Ltd. rose the most in five weeks after it raised the price of manganese ore with effect from June 1.
The company increased the prices of manganese ore grades BGF452, CHF473, and GMF569 by 10%. While the price of electrolytic manganese dioxide, revised on May 1, remains unchanged.
Similarly, the prices for all grades of manganese ore—ferro grade, SMGR, fines (except BGF452, CHF473, and GMF569), and chemical grades—have been continued for the month of June, according to an exchange filing.
Shares of MOIL Ltd. advanced 2.42% to Rs 158.9 apiece as of 9.46 a.m. on Thursday, compared to a 0.21% rise in the benchmark Nifty 50. The stock advanced as much as 4.06% intraday, rising the most in over five weeks since April 26.
The total traded volume so far in the day stood at 14.9 times its 30-day average.
All four analysts tracking the company maintained a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 25%.
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