Mishra Dhatu Nigam adds 33% in five sessions

Mishra Dhatu Nigam (MIDHANI) advanced 0.34% to Rs 219.85, extending recent gains after the company announced strong Q3 earnings last week.

MIDHANI reported 257.8% jump in consolidated net profit to Rs 60.50 crore in Q3 December 2019 as against Rs 16.91 crore in Q3 December 2018. Net sales in the December quarter stood at Rs 206.02 crore, up by 36% from Rs 151.48 crore reported in the same period last year.

Stabilization of 1500T forge press and other recent capital investments coupled with a healthy order booking, particularly from space sector have aided the topline growth of the company.

Profit before tax (PBT) during the Q3FY 20 stood at Rs 58.45 crore, up by 155.4% from Rs 22.89 crore recorded in the corresponding period of the previous year. The order book position of the company as on 1 January 2020 stood at Rs 1776 crore.

The result was announced on Wednesday, 12 February 2020. Since the announcement, the stock has risen 33% in the past five sessions from its recent closing low of Rs 165.30 on 12 February 2020.

MIDHANI has a specialized metals and metal alloys manufacturing facility in India, located in Hyderabad, Telangana. The Government of India held 74% stake in the company as on 30 December 2019.

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