Shares of MOIL surged 3.5% in early trade on June 2, their third straight day of gains, as the state-owned miner reported solid sales and production figures for May.

MOIL’s manganese ore output reached 153,000 tonnes in May, a 43% year-on-year increase and a record high. Sales for the month rose 72% year-on-year to 153,000 tonnes.

At 9:20 am, MOIL was quoted at Rs 162.85, up 2.39%. The stock has risen 5% over the past three days.

The company also achieved its best-ever monthly production of electrolytic manganese dioxide (EMD) in May 2023. MOIL said in a regulatory filing that EMD is a 100% import substitution product, mainly used in pharmaceuticals and battery manufacturing.

The company raised the prices of its BGF452, CHF473 and GMF569 grades effective June 1. It added that prices for other grades of manganese ore, concentrates, chemical grades and EMD remained unchanged.

Miniratna company MOIL is the largest manganese ore producer in the country, accounting for around 45% of domestic production. It operates 11 mines in Maharashtra and Madhya Pradesh and also explores business opportunities in Gujarat, Rajasthan, Chhattisgarh and Odisha.

It also has an ambitious vision to increase its production to 3 million tonnes by 2030.