Shares of MOIL jumped back in the green on Wednesday going up over 5%.

What Happened: According to a press release issued on Tuesday, MOIL posted a record production of 17.56 lakh tonnes, a 35% year-on-year growth for the year ending March 2024. This figure surpasses its previous best production of 13.64 lakh tonnes in FY 2007-08 by 29%.

On the sales front, the company achieved its best-ever sales of 15.36 lakh tonnes for the year ended March 2024, marking a 30% year-on-year growth. This is a 10% increase from its previous best sales record of 13.92 lakh tonnes in FY 2007-08.

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The company also reported its highest-ever production of Electrolytic Manganese Dioxide (EMD) at 1,413 tonnes, a 28% year-on-year increase. EMD, a 100% import substitution product, is primarily used in pharmaceuticals and battery manufacturing.

In addition, MOIL carried out its best-ever exploratory core drilling of 87,661 meters, more than double the previous year. The small-cap stock has had a great year along with other PSU stock. In just the last six months, the stock has gone up around 46%.

Price Action: MOIL’s share price was up 4.58% to trade at ₹318.40 shortly after the markets opened on Wednesday.

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