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Shares of state-owned manganese ore mining company MOIL gained as much as 6.5 percent on Friday after the company reported an increase in its production and sales figures for the month of November.

The Mini Ratna public sector undertaking said that it registered a 60 percent increase in its production capacity to 1.2 lakh tonnes of manganese ore in November from the previous month.

In terms of sales, MOIL reported 82 percent year-on-year growth, despite challenging market conditions.

On Wednesday, the company reduced the prices of different grades of manganese ore and other products by 5 percent for the December quarter. All Ferro grades of Manganese ore with Manganese content of Mn-44 percent and above have been decreased by 5 percent on the prevailing prices.

MOIL operates a total of 11 mines, seven in Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya Pradesh. Also, it is exploring business opportunities in Gujarat, Rajasthan and Odisha besides other areas in the state of Madhya Pradesh.

The Nagpur-headquartered company has a vision of almost doubling its production to 3 million tonnes by 2030. It holds 34 percent of manganese ore reserves of the country and is contributing 45 percent of the domestic production.

The management expects better performance during the second half of the current financial year.

Shares of MOIL are trading 4.1 percent higher at Rs 168.35.

First Published:Dec 2, 2022 11:27 AM IST