MOIL (Manganese Ore India), the largest producer of manganese ore by volume in India, which listed at 50.66% premium today, erased earlier gains to settle higher by 23.79%, weighed down by the negative sentiments in the market.
It closed at Rs 464.20, a premium of Rs 89.20 or 23.79% as against the issue price of Rs 375. It touched high of Rs 590 and low of Rs 456.65 after opening at Rs 565, a premium of Rs 190 or 50.66%. A total of 65,132,460 shares changed hands on the NSE.
At the close, the benchmark 30-share index, the BSE Sensex declined 151.42 points or 0.76% at 19,647.77 with 22 components registering drop.
MOIL enjoys a near monopoly with a dominant 50% share in the domestic manganese production and is also one of the lowest cost producers of manganese ore in the world. MOIL was conferred with `Mini Ratna` status by Government of India in FY08. A debt-free company, it has a healthy balance sheet with strong cash flows.
It currently operates seven underground mines (Kandri, Munsar, Beldongri, Gumgaon, Chikla, Balaghat and Ukwa mines) and three open cast mines (Dongri Buzurg, Sitapatore/Sukli, and Tirodi).