Mishra Dhatu Nigam Midhani

A lower allocation to Indian Space Research Organisation (Isro) could lead to a derating in the stock of the superalloys manufacturer, says an analyst

Going forward, as facilities ramp up production, additional revenue is expected is likely to flow from wide plate mill as well as the Rohtak plant, thereby providing healthy revenue visibility.

President Droupadi Murmu will on Tuesday inaugurate a wide plate mill of state-owned special steel manufacturer MIDHANI in Hyderabad. In a regulatory filing on Monday, Mishra Dhatu Nigam Limited (MIDHANI) said the plate mill was installed at its existing facility in Hyderabad at an investment of around Rs 500 crore for rolling of slabs of various alloys. "The wide plate mill will be inaugurated by President of India, Droupadi Murmu on December 27, 2022, in the presence of eminent dignitaries and distinguished guests," the filing said. The wide plate mill facility will meet the requirements of special steel plates for national strategic programmes and also facilitate import substitutes. "Due to its very high capacity of rolling force, this mill can roll ultra-high strength steel to very low thickness. Technology for processing of superalloys plates has been established in a very short span of time," the company said. MIDHANI, under the Ministry of Defence, is among the few modern .

Boeing India on Tuesday reportedly announced it would assess and collaborate with Midhani to develop raw materials for standard aerospace parts and components in India.

The defence procurement budget is likely to increase considerably for FY24E with the share of imports coming down further, according to analysts.

For the first nine months (April-December) of FY21, MIDHANI had posted an 8 per cent YoY decline in sales at Rs 464 crore

The government has already invited preliminary bids to sell its 26 per cent stake in BEML along with transfer of management control

The JV has been formed to set up 60,000 tonnes per annum high-end aluminium alloy production plant at Nellore, Andhra Pradesh

The company's board of directors is scheduled to meet on March 3 to consider interim dividend.

Midhani hit the upper circuit of 20 per cent at Rs 253, also its new high on the BSE on Thursday on heavy volumes. In the process, it surpassed its previous high of Rs 249

In the past three days, the stock has zoomed 31 per cent after reporting a more than three-fold jump in net profit at Rs 60.50 crore in December 2019 quarter.

Midhani has mastered the processes and production of hundreds of alloys based on nickel to tungsten in the past 40 years

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.

Mishra Dhatu Nigam (Midhani) was up 18% to Rs 132 at 12:29 pm on the BSE, surging 42% in past two trading sessions from Rs 92.95 on Thursday