India's MOIL gains after aiming to double manganese ore production by 2030

Moil

23/08/2024 08:53

** Shares of manganese ore producer MOIL  MOIL.NS  rise
3.35% to 414.35 rupees apiece
    ** Co says it aims to nearly double production of manganese
ore to 35 lakh metric tonnes (MT) by FY30 from 17.56 lakh MT in
FY23-24
    ** This is nearly one-third of total 11 million MT of
manganese ore required to meet India's steel production target
by 2030
    ** MOIL also aims to grow market share to 32% from 20%
currently
    ** Stock set to snap three-week losing streak, up 1.6% this
week so far - NSE data
    ** MOIL up 34% so far in 2024, outperforming rivals like
Tata Steel  TISC.NS  and Sandur Manganese  SUMG.NS , which are
up 10.5% and 5%, respectively - NSE data

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))