Shares of MOIL Ltd., a major manganese ore producer, have been on the rise for the fourth day; it jumped nearly 12%. The state-run company’s February manganese ore production rose 15% compared to the same period last year, reaching 1.51 lakh tonnes.

MOIL reported that from April to February 2024, its production rose 37% Year-on-Year(YoY) to 15.84 lakh tonne, surpassing the best-ever production of any financial year since its inception. In the regulatory filing, the company stated that sales of 1.56 lakh tonnes were achieved, which is 18% higher than in February 2023. During the year (up to February 2024), sales of 13.91 lakh tonnes were achieved, scaling a growth of 32% YoY.

MOIL also reported that in the current financial year up to February 2024, it carried out core drilling of 78,922 metres, which is more than double YoY. Chairman-cum-Managing Director (CMD) Ajit Kumar Saxena congratulated team MOIL for their concerted efforts, resulting in this record performance. The company said in the above release that it reposed full faith that – this growth momentum would continue during the next financial year.

With a 50% market share, MOIL is the largest producer of manganese ore in India. Headquartered in Nagpur, the company has 11 mines in adjoining districts of Maharashtra and Madhya Pradesh. Various grades of ore are used for the production of manganese metals and alloys, whereas refined manganese dioxide is often used as a supplement in cattle feed and fertilisers.

At 3:30 pm, the shares of MOIL Ltd. closed at Rs 300, 6.76% higher on the NSE.