India's Moil up 4% on sales growth in June quarter

Moil

03/07/2023 10:07

** Shares of manganese ore miner Moil  MOIL.NS  rise as much
as 3.91% to 168.80 rupees, hitting highest level since Jan. 31
    ** Stock on track for a third consecutive session of gain,
if trends hold
    ** Indian govt. said that MOIL has achieved its "best ever"
quarterly manganese ore production in Q1FY24 with production
growth of 35% YoY
    ** Added, co also recorded its best ever Q1 sales
performance with sales growth of 39% YoY
    ** Share price above 50-day, 100-day and 200-day exponential
moving averages since June 13, suggesting bullish trend
    ** More than 682,744 shares change hands by 2:26 p.m. IST,
3.2x 30-day avg of 215,872 shares
    ** Two analysts covering the stock have a "strong buy"
rating; median PT is 203.50 rupees - Refinitiv data
    ** Including session's gain, stock up 2.7% YTD


 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))