Here's why MOIL shares recovered from 52-week lows to surge over 17% on Tuesday

Shares of state-run MOIL surged as much 17% on Tuesday, March 17, after the company announced production targets for the full year.

For the fourth quarter, MOIL is targeting production of 9 lakh tonnes of Manganese, which is double of what it produced in the third quarter.

By financial year 2030, the company intends to double its manganese ore production from the levels seen in financial year 2025.

MOIL also aspires to increase its market share from the current 20% to 32% by financial year 2030.

The company also plans on increasing the production of Manganese Ore to 3.5 million tonnes in financial year 2030, from 2.35 million tonnes in the current financial year.

MOIL has mining operations spread across Nagpur and Bhandara districts of Maharashtra, and the Balaghat district of Madhya Pradesh. It produces various degrees of manganese ore.

Shares of MOIL are currently trading 16.6% higher at ₹289.15. The stock had made a 52-week low of ₹264.6 on Tuesday before the recovery.