MOIL Shares Tumble After Manganese Ore Price Cuts
The stock fell as much as 4.3% during the day to Rs 473.10 apiece on the NSE.
Shares of MOIL Ltd. extended losses for the fifth straight session on Monday to their lowest in nearly a month. The fall in stock prices today came after the manganese-ore mining company revised the prices of manganese ore, fines and chemical grades.
The prices of all ferro grades of manganese ore with manganese content of Mn-44% and above have been increased by 2%, while those of all other ferro grades of manganese ore with manganese content below Mn-44% have been decreased by 8%, according to an exchange filing.
The prices of all silico manganese grades (Mn-30% and Mn-25%), fines and chemical grades have been decreased by 8%, it said.
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On the NSE, MOIL's stock fell as much as 4.3% during the day to Rs 473.10 apiece, the lowest since June 5. It was trading 1.84% lower at Rs 485.65, compared to a 0.27% advance in the benchmark Nifty at 9:42 a.m.
The share price has lost 11.4% during its five-session fall. It has risen 57% on a year-to-date basis and 162% in the last 12 months. The total traded volume so far in the day stood at 0.30 times its 30-day average. The relative strength index was at 46.55.
Out of four analysts tracking the company, two have a 'buy' rating on the stock and as many suggest 'sell,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 0.2%.
