Midhani zooms 82% in 7 days post signing of 2 pacts in Defexpo India 2018

The stock was locked in upper circuit for the second straight day, rising by 10% to Rs 169 on the BSE after the company said it has signed two pacts in DefExpo India-2018.

Shares of Mishra Dhatu Nigam (Midhani) are locked in upper circuit of 10% for the second straight day, rising to Rs 169 per share on the BSE after the company said  it has signed two pacts in Defexpo India-2018.

“The company has participated in the recently concluded Defexpo India- 2018 and entered into two non-binding memorandum of understanding (MoU) which are confidential in nature,” Midhani said in clarification with reference to increase in price on Wednesday after market hours.

The stock has zoom 82% in past five trading sessions from Rs 93 on April 12, 2018, as compared to 1% rise in the S&P BSE Sensex.

Defexpo India 2018, the tenth in the series of biennial Land, Naval and Internal Homeland Security Systems Exhibition, was held in Chennai from 11th to 14th April 2018.

Till 01:20 pm; a combined 6.06 million shares changed hands and there were pending buy orders for 1.2 million shares on the NSE and BSE, the exchanges data shows.