Mishra Dhatu Nigam extends rally on bagging order worth Rs 6 bn

The stock rallied 8% to Rs 137, extending its 11% gain in past six trading days after the company on Wednesday said that it has finalised an order worth about Rs 6 billion.

Shares of Mishra Dhatu Nigam(MIDHANI) rallied 8% to Rs 137, extending its 11% gain in past six trading days after the company on Wednesday said it has finalised order worth Rs 6 billion.

The contract for the same is expected to be signed shortly, MIDHANI said.

The company had the order book position of Rs 7.04 billion on 1st October 2018.

Mini-Ratna Defence PSU MIDHANI is one of the leading manufacturers of special steels, superalloys and the only manufacturer of titanium alloys in India. These are high-value products cater to niche end-user segments such as defence space and power. The company was established in the year 1973 with an aim of achieving self-reliance in the research development and supply of critical alloys and products of national security and strategic importance.

At 09:57 am, MIDHANI was trading 6% higher at Rs 135 on BSE, as compared to a 0.17% decline in the S&P BSE Sensex. The trading volumes on the counter almost doubled with a combined 585,551 equity shares changed hands on the BSE and NSE so far.