Maithan had around INR 750 crores of Cash as on 30-Sep-24. One would assume that since Maithan is buying MOIL shares, they would have been bullish on Manganese ore and would have also bought Manganese Ore which is a key raw material- As per their Annual report ores constitute around 40% of RMC. But it is unlikely that they have very high inventory of ores as they have used around INR 600+ crores of cash from September to March to buy Equity shares of NSE, MOIL, HDFC, SBI, Rites etc. In short term it is positive as the inventory gets repriced, however in long term it is not a very big positive as Manganese ore is RM for them.
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