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MOIL gains on signing MoU with GMDC for joint venture

MOIL is currently trading at Rs. 139.95, up by 3.15 points or 2.30% from its previous closing of Rs. 136.80 on the BSE.

The scrip opened at Rs. 140.90 and has touched a high and low of Rs. 144.30 and Rs. 136.50 respectively. So far 77162 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 183.20 on 07-Nov-2018 and a 52 week low of Rs. 118.20 on 20-Sep-2019.

Last one week high and low of the scrip stood at Rs. 144.30 and Rs. 124.30 respectively. The current market cap of the company is Rs. 3601.37 crore.

The promoters holding in the company stood at 65.69%, while Institutions and Non-Institutions held 17.47% and 16.83% respectively.

MOIL has signed a detailed Memorandum of Understanding (MoU) with Gujarat Mineral Development Corporation (GMDC) for Joint Venture. JVC will have shareholding pattern of 51% and 49% for MOIL and GMDC respectively.

Earlier, MOIL had signed a MoU in January 2019 with GMDC, an undertaking of Government of Gujarat, to take up project of joint exploration of manganese bearing areas, exploring its feasibility and to conduct mining operations as well as to set up value addition plant in joint venture in Gujarat.

In this connection, MOIL and GMDC have also signed MoU with Mineral Exploration Corporation (MECL), a Miniratna Category-I CPSE under the Ministry of Mines, Government of India for exploration related activities to be carried out in the manganese mineral acreage to establish resources/reserves.

Based on results of exploration and feasibility of mining ascertained after exploration activities, decision to go ahead with mine development, mining activities and establishment of downstream derivative plants with an expected investment of around Rs 250 crore shall be taken.

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).

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