NEW DELHI | Jul 03, 2016: Country's top manganese ore producer MOIL has slashed prices of various grades of the mineral by up to 15 per cent for July-September quarter.
The state-run company, formerly known as manganese Ore (India), has decreased the prices of all ferro grades of ore by 15 per cent over the previous quarter (April-June) prices.
The prices of all grades of fines have been decreased by 15 per cent, the company said in a regulatory filing.
MOIL revises prices of manganese ore on a quarterly basis.
"The prices have been reduced by 15 per cent on all grades of SMGR (Mn 30 per cent) and SMGR Low (Mn 25 per cent) on the previous quarter prices," it said.
The prices of chemical grades ore have been slashed by 10 per cent.
Besides, there is no change in the existing price of Electrolytic Manganese Dioxide (EMD), MOIL said.
For April-June quarter, it had hiked prices of various grades of manganese ore by up to 50 per cent over the January-March quarter.
For 2015-16, the manganese producer's standalone net profit fell to Rs 173 crore as against Rs 428 crore in 2014-15.
Its total income was lower at Rs 628.74 crore in 2015-16 compared with Rs 823.25 crore in the preceding fiscal.
(Source: http://economictimes.indiatimes.com/)