Moil, a miniratna state-owned manganese-ore mining company, witnessed a rise in share price on Tuesday after it gets government approval for mining lease in MP. The company announced that Government of India, Ministry of Mines has granted approval of mining lease for manganese ore over an area of 48.974 Ha land in Village Lugma, Tehsil Baihar, Dist. Balaghat (MP) in favour of the company.

MOIL has received a communication in this regard from Mineral Resource Department of Govt. of Madhya Pradesh. The said area falls under Ukwa Mine of MOIL. Now, the Company will take necessary steps, as may be required, for execution of the mining lease with the Govt. of Madhya Pradesh.

Shares of the company are trading at Rs 317.90, up Rs 8.45, or 2.73%  at the Bombay Stock Exchange (BSE) on Tuesday at 1:52 p.m. The scrip has touched an intra-day high of Rs 324.05 and low of Rs 307. The total volume of shares traded at the BSE is 55,956.