Midhani soars 9%, hits 52-week high on order win worth Rs 179 crore

With this, the order booking position for FY 2023-24 (as on date) is Rs 542 crore, Mishra Dhatu Nigam said in a statement

Shares of Mishra Dhatu Nigam (Midhani) surged 9.4 per cent to Rs 345.6 apiece, also its 52-week high, on the BSE in Monday's intra-day trade. The buying interest came after the company said it has bagged new order worth Rs 178.54 crore.

At 2:30 PM, the stock was quoting 7.3 per cent higher at Rs 339 as against 0.4 per cent gain in the benchmark S&P BSE Sensex.

"Mishra Dhatu Nigam Limited has secured an order worth of Rs 178.54 crore. With this, the order booking position for FY 2023-24 (as on date) is Rs 542 crore. The open order position of Midhani as on date is Rs 1,622.5 crore," it said in a statement.

Mishra Dhatu Nigam is a state-owned entity, operating in the defence sector. Headquartered at Hyderabad, Midhani was set up with a view to achieve self-reliance in production and supply of various super alloys, special steels, soft magnetic alloys to Defence and other strategic sectors such as energy, space and aeronautical applications.

Midhani has two facilities, one each at Hyderabad and Rohtak. While the former facility is invovled in melting furnaces, the latter caters to the demand for high end Armour products.

Besdies, Utkarsha Aluminium Dhatu Nigam Limited’ (UADNL) is a 50:50 joint venture of MidhaniI and National Aluminium Co. Ltd, (Nalco) to establish green field project of aluminum alloy flat rolled product facility.

In a recent media interaction, the company's management said it expects to achieve 20 per cent revenue growth in FY24, building on investments in new facilities. In FY23, Midhani had export revenue worth Rs 32 crore through direct exports. 

"Midhani's commitment to quality and excellence has resulted in its products being certified by international companies, further enhancing its reputation as a reliable supplier," it said.

Meanwhile, in February 2023, Midhani signed eleven Memorandum of Understandings (MoUs) with various organizations tincluding Hindustan Aeronautics Limited (HAL), Hindustan Shipyard Limited (HSL), Welspun Specialty Steels Limited, and Micron Instruments. 

Over the past six months, shares of Midhani have jumped 49 per cent as against 11 per cent rise in the benchmark S&P BSE Sensex.