Shares of MOIL surged more than 7 percent on Wednesday after the company reported over a 66 percent growth in profit for the April-June quarter.

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The stock closed 4.38 percent higher at Rs 165 per share on BSE.

The company’s revenue grew 24.38 percent to Rs 390.7 crore for the April-June quarter as compared to Rs 314.1 crore for the corresponding period a year ago. Mining products contributed the most by adding Rs 345 crore to the company’s revenue.

The earnings per share for the state-run manganese miner stood at Rs 4.4 for the period ended June 30, 2022, as compared to Rs 2.60 during the same period last year.

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MOIL Ltd also announced in a regulatory filing that it has revised prices of different grades of manganese ore and other products. The price revision came into effect on August 1.

The company reduced the price for Ferro grades of manganese ore with a manganese content of 44 percent and above by 10 percent.

The stock has gained 16.65 percent in the past one month while it has fallen 2.13 percent this year so far. In the last one year, it has underperformed the Sensex by 19.92 percent.

Many other mining stocks traded lower on Wednesday. Coal India closed 1.46 percent lower at Rs 212 per share while ignite mining company Gujarat Mineral closed 2 percent lower at Rs 173 on BSE.

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