MOIL Shares Jump Over 6% After Manganese Ore Price Hike
Prices of all other Ferro grades of manganese ore with manganese content below Mn-44% have been increased by 5% on the prevailing prices.
Shares of MOIL Ltd. rose over 6% on Friday after it increased prices for ore with manganese content.
Prices of all other ferro grades of manganese ore with manganese content below Mn-44% have been increased by 5% over the prevailing prices, according to an exchange filing.
The basic price of EMD has been maintained since Feb. 1, with effect from midnight Feb. 29 for March 2024, the mini-ratna company said in an exchange filing.
Shares of MOIL rose as much as 6.06% intraday, the highest jump since Jan. 29. It pared gains to trade 3.42% higher, compared to a 0.93% advance in the benchmark NSE Nifty 50 as of 11:05 a.m.
The share price has risen 81.87% in the past 12 months. The total traded volume so far in the day stood at 1.7 times its 30-day average. The relative strength index was at 38.18.
Of the four analysts tracking the company, two maintain a 'buy', one recommends a 'hold,' and one suggests a 'sell', according to Bloomberg data. The average 12-month analysts' price target implies an upside of 25.3%.