MOIL Hikes Manganese Ore Prices, Shares Hit 52-Week High

Shares of state-run MOIL Ltd rallied as much as 8 per cent to hit fresh 52-week high of Rs 387.80 after the company informed the stock exchanges that it has raised prices of manganese ore.

MOIL in a press release today said that it has increased prices of various grades manganese ore. Prices of ferro grade ore have been hiked by 30 per cent with effect from October 1, 2016. Prices of SGMR grade and fines have been raised by 25 per cent and prices of chemical grade ore have been raised by 30 per cent.

Price of elctrolyte managnese dioxide has remain unchanged.

Manganese ore is widely used as an alloy in making final steel products.

Shares of MOIL Ltd ended 5 per cent higher at Rs 378.10.