MOIL Limited Buyback

Moil limited  was incorporated on June 22, 1962 as a public limited company with the Registrar of Companies, Mumbai under the name Manganese Ore (India) Limited under the provisions of the Companies Act. Subsequently, the name of the Company was changed from Manganese Ore (India) Limited to MOIL Limited and a fresh certificate of incorporation consequent upon change of name was issued by the RoC on August 17, 2010. The Company is a Schedule 'A' - Miniratna Category-I Company. The Company was conferred Schedule 'A' status in January 2014. Miniratna Category-I status of the company provides us with certain operational and financial autonomy. The Company was the largest producer of manganese ore by volume in India in Fiscal 2018 (Source: Indian Bureau of Mines, Indian Mineral Yearbook 2019). The Company's production of manganese ore increased from 864,890 tonnes in Fiscal 2006 to 12,77,444 tonnes in Fiscal 2020. Production of manganese ore for Fiscal 2021 was 11,43,570 tonnes. The financials of the company is decreasing all these years, RoCE is 10.01% and at CMP its looks fully priced. Price difference is around 19% and expected acceptance ratio will be around 30%. So we give NEUTRAL rating to this buyback and who are holding this stock before announcement of buyback, may participate in buyback depending on market price.

• 1 Mr. Rajesh Pirogiwal
• 2 Mrs. Sunita Pirogiwal
• 3 Miss Tanvi Pirogiwal