Miniratna Mn-Ore Major Turns Ex-Dividend, Sees Upto 75% Upside

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Miniratna Mn-Ore Major Turns Ex-Dividend, Sees Upto 75% Upside
Credit: © Reuters.

By Malvika Gurung -- The state-owned manganese (Mn) ore miner MOIL (NS: MOIL ) traded ex-dividend on Wednesday for an interim dividend for the financial year 2022-23.

MOIL’s Board of Directors declared an interim dividend of Rs 3/share on the face value of Rs 10 each for FY23 while releasing the company’s earnings results for the December quarter.

The Miniratna PSU has set the record date for declaring the interim dividend for FY23 as Feb 8, 2023. The date of payment or dispatch of the corporate benefit has been fixed as Fen 28, 2023.

For Q3 FY23, the largest producer of manganese ore in India reported a net profit of Rs 39.5 crore, surging 45% on a YoY basis, while the company’s revenue from the operation rose 28% YoY to Rs 302 crore.

The company posted its best-ever January production in Jan 2023, producing 1.26 lakh tonnes of Manganese ore in the month, up 7.7% YoY. Its sales surged by 31% YoY to 1.32 lakh tonnes in Jan 2023.

According to InvestingPro models, the highest fair value of Rs 279/share is set on MOIL’s stock, an upside of 75.3% compared to the current share price.

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