Rs 1,622.50 crore order book: Heavy buying witnessed in this multibagger aerospace & defence stock; scrip hit 52-week high!
The stock gave multibagger returns of 140 per cent in just 6 months whereas BSE Sensex Index is up by 10.50 per cent.
On Wednesday, one the Top Gainers on BSE, shares of Mishra Dhatu Nigam Ltd gained 16.71 per cent to make a new 52-week high of Rs 476.40 per share from its previous closing of Rs 408.20. At the closing bell, shares of the company were trading at Rs 456.65 per share, up 11.87 per cent and saw a spurt in volume by more than 21.22 times on BSE.
Earlier, the company played a vital role in the successful launch of the Aditya – L1 by ISRO on September 02, 2023, at 11.50 hrs. from Sriharikota, MIDHANI congratulates ISRO and takes immense pride in our contribution through the supply of specialized metals and alloys for this crucial project. Additionally, it played a vital role in the successful launch of the Chandrayaan-3 Mission. MIDHANI developed and supplied critical materials for the LVM3 M4, a three-stage heavy lift launch vehicle used in the lunar mission.
On this proud moment, Dr S. K. Jha, CMD, MIDHANI said that “India’s first Solar Mission Aditya-L1 successfully launched by ISRO brings more laurels to our nation and Atmanirbharta in space projects”
Mishra Dhatu Nigam Ltd (MIDHANI) manufactures superalloys, titanium, special-purpose steel and other special metals. It was incorporated in 1973 at Hyderabad as a Government of India Enterprise under the Ministry of Defence. The Government of India still owns a 74 per cent stake in the company after its IPO in 2018.
Consolidated Quarterly Updates: The net sales increased by 63.34 per cent to Rs 181.72 crore, the operating profit increased by 22.63 per cent to Rs 49.56 crore and net profit increased by 4.76 per cent to Rs 18.54 crore in Q1FY24 compared to Q1FY23.
Order Received & Order Book Updates: Mishra Dhatu Nigam Limited (MIDHANI) has secured an order worth Rs 178.54 crore. With this, the order booking position for FY 2023-24 (as of date) is Rs 542 crore. The open order position of MIDHANI as of date is Rs 1622.50 crore.
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Mishra Dhatu Nigam Ltd (MIDHANI) manufactures superalloys, titanium, special-purpose steel and other special metals. The company has been maintaining a healthy dividend payout of 34.80 per cent.
The stock gave multibagger returns of 140 per cent in just 6 months whereas BSE Sensex Index is up by 10.50 per cent. Investors should keep an eye on this aerospace & defence stock.
Disclaimer: The article is for informational purposes only and not investment advice.