Date | Jun 29, 2016:
MOIL is currently trading at Rs. 237.35, up by 3.55 points or 1.52% from its previous closing of Rs. 233.80 on the BSE.
The scrip opened at Rs. 235.00 and has touched a high and low of Rs. 243.00 and Rs. 235.00 respectively. So far 32680 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 255.00 on 03-Jun-2016 and a 52 week low of Rs. 180.10 on 12-Feb-2016.
Last one week high and low of the scrip stood at Rs. 237.00 and Rs. 231.00 respectively. The current market cap of the company is Rs. 4006.80 crore.
The promoters holding in the company stood at 80.00%, while Institutions and Non-Institutions held 9.93% and 10.07% respectively.
MOIL has received its board approval for investment proposals of Rs 461 crore in mining projects. The first project involves investment of Rs 265.96 crore in the first phase in designing, construction, furnishing & equipping of a Vertical Shaft (high speed shaft) at Balaghat Mine. With commissioning of this shaft and related development, the production of Balaghat Mine is targeted to touch around 6 lakh tonnes (from about 3 lakh tonnes at presently) by FY-2025.
The second projects involve investments of Rs 195 crore, in the first phase in designing, construction, furnishing & equipping of a Vertical Shaft (high speed shaft) at Gumgaon Mine. With commissioning of this shaft and related development, the production of Gumgaon Mine is targeted to touch around 1.40 lakh tonnes (from about 0.70 lakh tonnes at presently) by FY-2024.
The above projects are on the lines of strategic Management Plan of (SMP) of the company to increase its production and also mechanization of its mining activities.
MOIL is the largest iron ore company in India and fifth largest in world. It currently operates seven underground mines (Kandri, Munsar, Beldongri, Gumgaon, Chikla, Balaghat and Ukwa mines) and three opencast mines (Dongri Buzurg, Sitapatore/Sukli, and Tirodi).
(Source: http://money.livemint.com/)
ALSO READ: MOIL to double manganese production within next four years (Source: https://www.steelorbis.com/)