On Monday, the shares of one of the largest producers of superalloys for the defence industry soared 6 percent to an all-time high of Rs 435.85 per share after the company supplied critical components for the successful launch of India’s first solar mission, Aditya-L1.
At 12:30 p.m., Mishra Dhatu Nigam Ltd (MIDHANI) shares were trading at Rs 425.85 a share on the National Stock Exchange, up Rs 14.90 or 3.55 percent and the company has a market capitalization of Rs 7,973 crores.
According to the company’s exchange filing, The Company has contributed to ISRO’s successful launch of Aditya-L1 on September 2, 2023, by supplying Specialised Metals and Alloys for India’s first solar mission.
Critical elements from MIDHANI have been employed in the Aditya-L1 launching vehicle PSLV-C57, as well as many other components. The launcher was built with MIDHANI critical materials like Ti-6Al-4V Titanium alloy – PS4 Tank and Gas bottles, and C-103 Niobium Alloy – PS4 thrust chamber, and many more.
Mishra Dhatu Nigam Ltd (MIDHANI) is under the Ministry of Defence and is a Miniratna Category-I company. It manufactures titanium, superalloys, special-purpose steel, and other specialty metals for use in nuclear power, military, and aerospace.
The company’s revenue has increased by 64 percent year on year, from Rs 114 crore in Q1FY23 to Rs 187 crore in Q1FY24. During the same period, Net profit has marginally increased by 6 percent from Rs 17 crore to Rs 18 crore.
The company’s share has delivered returns of 107 percent in six months and 102 percent over a year. A shareholder’s investment of Rs. 1 lakh in the company would be worth Rs. 2.02 lakhs after a year and Rs. 2.07 lakhs after a half-year.
According to the latest shareholding pattern, the promoters own 74 percent of the company, domestic institutional investors own 13.11 percent, and retail investors own 11.93 percent stake.
Written by Omkar Chitnis
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