Shares of this Miniratna Defense stock fell around 7 percent on Wednesday after the company published disappointing results for the quarter ending June 2023.
With a market capitalization of Rs 6,500 crores, the stocks of Mishra Dhatu Nigam Limited closed at Rs 346.15 on Wednesday. The company witnessed an intra-day low of Rs 344.15 indicating a dip of around 7 percent as compared to the previous close of Rs 372.75 apiece.
Keeping a time horizon of one year, the company’s stock has proven to deliver multibagger returns of approximately 105 percent, i.e., if someone would have invested Rs 1 Lakh into the stock, it would have converted to Rs 2.05 crores within a period of one year.
The share price movements were observed today after the company, through a regulatory filing with the BSE dated 8th August 2023, announced the financial results for the quarter ended June 2023.
On a sequential basis, the company showcased a deep fall as far as the operating revenues and after-tax profits are concerned. The operating revenues fell from Rs 345 crores during Q4FY22-23 to Rs 188 crores during Q1FY23-24, and, the after-tax profits, slipping from Rs 66 crores directly down to Rs 19 crores indicating a fall of around 72 percent.
Comparing Q1FY22-23 and Q1FY23-24, the company reported positive movements with the operating revenues increasing from Rs 115 crores to Rs 188 crores, and, after-tax profits moving up marginally from Rs 18 crores to Rs 19 crores.
The latest shareholding pattern data portray the Promoters holding a 74 percent stake, and another major chunk is held by the Domestic Institutional Investors (DIIs) of 13.11 percent.
Mishra Dhatu Nigam Limited is involved in the business of manufacturing titanium, superalloys, special-purpose steel, and other special metals. The company’s product portfolio includes moly products, armour products, and other related products. Additionally, the company deals with evaluation, testing, and consulting services.
Written by Amit Madnani
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
