Bhubaneswar: After two consecutive hikes in January and February, public sector Manganese Ore miner MOIL has cut Manganese Ore prices of different grades upto 10% for the month of March on weak demand. In January MOIL had raised prices 7.5%. In February also it had hiked prices of various grades upto 7.5%.
The shares of MOIL Ltd increased by 3.35% to Rs.125 on the Bombay Stock Exchange this morning. On NSE also, the shares up 5.88% to Rs.127 in the opening session.
“The prices of all Chemical grades viz DB2320, DB3385, DB3494, DB4546 and DB4547 have been reduced by about 5% on the prices prevailing since 1st February. Also, the price of Balaghat Fines (BGF534 – Mn 27%) has been reduced by about 10% on the price prevailing since 1st February. However, the Prices of all other grades of Manganese ore i.e. Ferro grades, SMGR grades (Mn-30% & Mn-25%) and other grades of Fines have been kept unchanged” MOIL said in a market filing.
Meanwhile, MOIL has offered total 25,778 tonnes of Manganese Ore for direct sales to the buyers. Out of the total amount, 18000 tonnes are fines, 6951 tonnes are of chemical grade and 825 are of Silico Manganese garde. Buyers can send their requirements to the company by 4th March 5 pm.
The PSU had reported disappointing Q3 numbers with net profit plunged by 54% to 55.46 Crore. Net sales declined 23% to Rs 256.22 crore in Q3 December 2019 over Rs 332.77 crore reported in Q3 December 2018.