Shares of Mishra Dhatu Nigam Ltd (Midhani) gained 11% in two sessions after the state-owned firm said it has inked MoUs with 11 firms including HAL, Hindustan Shipyard, Micron Instruments, Bay Forge, and Welspun Speciality Steels to expand in the area of developing and manufacturing aerospace & naval materials, R&D, exports, healthcare and training. Mishra Dhatu Nigam shares, which closed at Rs 193.35 on January 15 hit an intraday high of Rs 214.45 today, translating into a gain of 10.91% in the last two sessions.
In the current session, the stock touched an intraday high of Rs 214.45, rising 5.43% on BSE. The defence sector stock has risen 19.44% in a year and fallen 2.26% in 2023.
Market cap of the firm rose to Rs 3946.32 crore. Total 1.03 lakh shares of the firm changed hands amounting to a turnover of Rs 2.16 crore on BSE. The stock hit a 52-week high of Rs 268.85 on September 9, 2022 and fell to a 52-week low of Rs 155.65 on June 20, 2022.
The announcement of MoUs was made before the close of market hours on January 16.
“MIDHANI signed MoUs with Hindustan Aeronautics Limited, Nashik, Hindustan Aeronautics Limited, Koraput, Hindustan Shipyard Limited (HSL), Visakhapatnam, Welspun Speciality Steels limited, Micron Instruments, Chandigarh, Jay Jagadamba, Mumbai, Bay Forge, Chennai, Oorja Abhiyantran Pvt. Ltd, Hyderabad, Tamilnadu Industrial Corporation, lIT, Roorkee and lIT, Bombay,” it said in a communication to BSE.
The MoUs were signed during the Bandhan Ceremony held on the sidelines of Aero India — 2023 at Yelahanka, Bengaluru, Karnataka on February 15, 2023.
Midhani is engaged in the production and supply of various super alloys, special steels, materials for defence, other strategic materials, fields for nuclear, aeronautical and space applications.
Also read: Adani Power shares hit upper circuit for second day but analysts are still cautious; here’s why
Also read: Pricol clarifies on Minda Corp acquisition report; shares slip 10% from day's high