On June 1, MOIL shares gained 4% in the early morning trade after the state-owned manganese ore mining company elevated prices for some ore grades (BGF452, CHF473 and GMF569) by 10%.

The mini-Ratna has preserved the prices of ferro grade, SMGR, fines and chemical grades, and electrolytic manganese dioxide prices for June.

Throughout FY23, MOIL chronicled its second-highest manufacture since its inception. The sales of manganese ore were estimated to be 11.78 lakh tonnes, slightly lower from FY22 amid market conditions, but sales turnover of EMD in FY23 got a new high, recording 100% growth from the previous year.

At 9.34 am, MOIL quoted Rs 158.50 on BSE, up 2.13% from the previous day. The stock performance was dull in the past few months. The scrip gained merely 5% but is down 1.5% in 2023.

On May 31, the Central Bureau of Investigation (CBI) filed a case against a senior company official and some other individuals for an alleged fraud of Rs 1.35 crore.

Sachin Gajallewar, Chief Financial Manager of MOIL, and the others were reserved under the related sections of the IPC and the Prevention of Corruption Act.