Shares of MOIL Ltd. jumped nearly 9% on Wednesday after it achieved its "best-ever" quarterly sales in the April–June period of the current financial year, buoyed by record production of manganese ore.
The state-run miner's sales rose 15% year-on-year in the quarter ended June, according to an exchange filing. However, it did not disclose the figure. The company had recorded sales of 3.96 lakh tonnes in the year-ago period.
This performance was backed by record quarterly production of 4.70 lakh tonnes, a growth of 7.8% YoY, it said.
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On the NSE, MOIL's stock rose as much as 8.84% during the day to Rs 534.95 apiece, the highest June 26. It was trading 7.4% higher at Rs 527.90 per share, compared to a 0.6% decline in the benchmark Nifty at 10:58 a.m.
The stock had recovered for the second consecutive day after it had lost 10% in the previous four sessions. The share price has risen 70.84% on a year-to-date basis and 184.59% in the last 12 months. The total traded volume so far in the day stood at 1.80 times its 30-day average. The relative strength index was at 57.76.
Out of four analysts tracking the company, two have a 'buy' rating on the stock and as many suggest 'sell,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 8.5%.
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