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

Time:Fri, 23 Aug 2024 16:02:06 +0800

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** 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


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