BSE Sensex was trading flat, down just 3 points at 52,097.21 at the same time. The counter had settled at Rs 183.60 on Friday.
The net profit of the manganese miner soared 761.47 per cent to Rs 116.04 crore in the quarter ended March 2021 as against Rs 13.47 crore during the previous quarter ended March 2020.
Sales during the March 2021 quarter surged 81.03 per cent to Rs 450.14 crore as against Rs 248.66 crore during the previous quarter ended March 2020.
The PSU company posted a 14.1 per cent decline in net profit of Rs 213.13 crore for the year ended March 2021 compared with net profit of Rs 248.22 crore in the year ended March 2020 (FY20). Net sales rose 13.42 per cent to Rs 1,177.38 crore in the year ended March 2021.
Brokerage firm Antique Stock Broking is bullish on the state owned miner MOIL. It has recommended to ‘buy’ the counter with a target price of Rs 222.
“Manganese ore volumes would continue to improve with increasing domestic steel and ferroalloy production and international ore prices have been stable,” the broker added.
The board recommended a final dividend of Rs 4.90 per equity share for the Financial Year ended March 2021. MOIL is Miniratna category-I company, produces and sells different grades of Manganese Ore.
It operates 11 mines, seven located in the Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya Pradesh. The Government of India holds 53.84 per cent stake in the company as on 31 March 2021.
