MOIL enters `Fortune 500' club
08 Oct 2011
State-run MOIL (earlier known as Manganese Ore (India) Limited) has entered the list of Fortune 500 companies in India. It has been ranked 486th among the top 500 companies and 9th in the mines and metals sector in the country.
The name of the company has been changed from Manganese Ore (India) Limited to MOIL Ltd in the light of the multiple areas of operations and the proposed expansion into various fields in the coming years.
MOIL shares were formally listed on the Mumbai Stock Exchange and National Stock Exchange on 15 December 2010.
The company's initial public offer (IPO) was subscribed by 56 times, particularly by the retail and HNI segments. The issue fetched Rs618.76 crore to the Government of India and Rs309.38 crore to the state governments of Maharashtra and Madhya Pradesh.
MOIL declared an interim dividend of 25 per cent for the financial year 2010-11. The interim dividend cheque amounting to Rs30.05 crore was paid to the government of India, Rs1.60 crore to the government of Madhya Pradesh and Rs1.94 crore to the Maharashtra government.
MOIL has projected a gross sales (domestic) target of 11,50,000 tonnes, worth Rs1,150 crore, gross profit of Rs749.65 crore and a net profit of Rs500.64 crore.