MOIL Limited premium cools off to 24% by the close of Listing Day

MOIL Limited, which listed on the exchanges today, opened at a hefty Rs.565/- per share on the NSE as against an Issue Price of Rs.375/- per share, i.e. at a premium of Rs.190/- per share or about 50.66% on the Issue Price

However, the strength could not quite be sustained for long as it drifted down to sub 550 levels in opening few minutes of trade and eventually slipped below the 500 mark by about 1:30 PM on the BSE. It touched an Intra-day high of Rs.591.05 and an Intra-day low of Rs.458.50 before closing the listing day at Rs.466.50 per share

MOIL Limited (Manganese Ore India Limited) is a producer of manganese ore, primarily used to make ferro-alloys for steel production. MOIL is a 'Mini Ratna' PSU, owned by Government of India and under the administrative control of the Ministry of Steel

MOIL Ltd. IPO had opened for subscription from Friday, November 26, 2010 and was assigned an IPO Grade 5/5 by credit rating agency CARE