Shares of Manganese Ore India Limited (MOIL) rallied 4% on 22 December after the company recorded its highest-ever production of manganese ore.

In its regulatory filing, the company said that its production surpassed 16 lakh tonnes on 20 December, which is 26% higher than the previous best achieved in 2019. Sales during the current calendar year till 20 December have also crossed 14 lakh tonnes and broke multiple records of 2007.

In November, the company sales grew by 18% year-on-year, whereas the fiscal year sales so far grew by 52% from the same period of the previous fiscal year.

The company added that in November 2023, MOIL accomplished core drilling spanning 7,551 metres, marking a two-fold increase from last year. During April-November 2023, MOIL has effectively carried out core drilling of 49,389 meters, showcasing a 2.5-fold rise YoY.”

The company has a total market share of 50% and is the largest producer of manganese ore in India. The company has its headquarters located in Nagpur, along with 11 mines in the adjoining districts of Maharashtra and Madhya Pradesh.

At 3:30 pm, the shares of MOIL closed 1.75% higher at Rs 305.80 on NSE.