52 Week Low Stock: This stock hit upper circuit 25 minutes before market close, trading at its lowest level of the year

News Topical, Digital Desk : Shares of state-owned mining company MOIL Limited rose strongly on Tuesday. Buying pressure surged after the company announced its production targets, pushing the stock up 20%. Following this surge, the stock hit upper circuit 25 minutes before market close.

During trading, the stock initially touched a 52-week low of ₹242.35, but later made a strong recovery to trade at around ₹258.1, a gain of approximately 4.1%. The company announced that it is targeting 0.9 million tonnes of manganese ore production in the fourth quarter of the current financial year. This production will be nearly double that of the third quarter. Following this announcement, investor confidence increased, and the stock saw a surge.

MOIL has also shared its long-term expansion plan. The company aims to double its manganese ore production by the financial year 2030. This plan aims to increase production from the 2025 level to 3.5 million tons by 2030, while the company's production in the current financial year is estimated to be around 2.35 million tons. The company also aims to increase its market share from the current 20% to 32%. 

Where are the mines spread? 

MOIL's mining operations are primarily spread across the Nagpur and Bhandara districts of Maharashtra and the Balaghat district of Madhya Pradesh. The company produces various grades of manganese ore, which is considered a key raw material for the steel industry. Analysts believe that the production expansion plan and future growth strategy have strengthened investor confidence, leading to a sharp recovery in the stock.

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