MIDHANI gains on signing 11 MoUs in Aero India 2023

Mishra Dhatu Nigam (MIDHANI) rose 2.20% to Rs 197.05 after the company said it signed eleven memorandum of understandings (MoUs) with various organisations during Aero India 2023.

Under the administration of Ministry of Defence, MIDHANI signed MoUs with Hindustan Aeronautics, Nashik, Hindustan Aeronautics, Koraput, Hindustan Shipyard (HSL), Visakhapatnam, Weispun Speciality steels, Micron Instruments, Chandigarh, Jay Jagadamba, Mumbai, Bay Forge, Chennai, Oorja Abhiyantran, Hyderabad, Tamilnadu Industrial Corporation, IIT, Roorkee and IIT, Bombay.

MIDHANI penned these MoUs to expand its wings in the area of developing and manufacturing aerospace and naval materials, research and development (R&D), Exports, health care and training etc. and explore the possibilities to enhance the production capacity to pave the path to Atma Nirbhar Bharat.

Mishra Dhatu Nigam is engaged in the business of manufacturing of superalloys, titanium, special purpose steel and other special metals.

The company's consolidated net profit declined 10% to Rs 38.63 crore despite of 1.3% rise in net sales to Rs 226.73 crore in Q3 FY23 over Q3 FY22.

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