BackMishra Dhatu shares jump 5% as company to set up a Wide Plate Mill facility
The Wide Plate Mill facility would meet the requirements of special steel plates for national strategic programs
PremiumShares of Mishra Dhatu Nigam Ltd (Midhani) surged more than 5% to ₹212 apiece on the BSE in Tuesday's trading session after Government of India Enterprise under the administrative control of Ministry of Defence (MoD).
MIDHANI is one of the few modern metallurgical plants in the world manufacturing a wide range of Superalloys, Titanium, alloys, Special Steel etc. in various mill forms using state-of-the-art production facilities. MIDHANI has been playing a significant role in supplying materials to various strategic sectors like Space, Defence and Energy since its inception.
“In this pursuit, MIDHANI has set up a key facility of National Importance, ‘Wide Plate Mill’ at its existing Hyderabad Plant with an investment of around ₹500 crore for rolling of slabs of various alloys," the company informed in an exchange filing.
The Wide Plate Mill facility would meet the requirements of special steel plates for national strategic programs. The mill is expected to serve as a national facility for development of wide plates that would meet present & future requirements and would also facilitate import substitute, it added.
Mishra Dhatu shares have surged more than 17% in 2022. The company got listed on stock exchanges in April 2018 and the government had raised ₹438 crore by selling 26% stake through initial public offering (IPO). As on October 1, 2022, Midhani’s orderbook stood at ₹1,501 crore as against to ₹1,359 crore as on July 1, 2022.
In October, the government-run Mishra Dhatu Nigam Limited (MIDHANI) and Boeing India announced to work together to develop raw materials for aerospace parts and components in India.
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