Mishra Dhatu Nigam stock hits 52-week high after successful launch of ISRO’s Aditya-L1

The state-owned steel and alloys maker’s stock rose 3 percent intra-day after it announced that it had supplied specialised materials for Aditya-L1 solar observatory’s launching vehicle.

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Mishra Dhatu Nigam shares hit a 52-week high at Rs 435.85 on September 4 after the state-owned steel and alloys maker announced that it had supplied specialised materials for ISRO’s recently launched Aditya-L1 solar observatory’s vehicle.

“Mishra Dhatu Nigam’s critical materials have been used in the Aditya-L1 launcher vehicle PSLV-C57. It was built with the company manufactured critical materials like Ti-6Al-4V titanium alloy, C-103 niobium alloy, superco 605 cobalt alloy, ultra high strength steel,” the company said in a regulatory filing at the exchanges.

“The material supplied by the company was used in the launcher vehicle’s parts like tank and gas bottles, thrust chamber and straps on motor case and base rings,” it added.

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At 1.15 pm on the NSE, Mishra Dhatu Nigam stock was quoting at Rs 424.10, up Rs 12.85, or 3.12 percent.

In year-to-date terms, the stock is up 89.45 percent.

In its results for the April-June quarter, the company reported a 63.47 percent year-on-year (YoY) rise in revenue from operations at Rs 188 crore. It reported a net profit of Rs 19 crore for the quarter, an increase of 5.55 percent on a yearly basis. The operating profit margins for the quarter contracted by 700 basis points YoY to 22 percent.

Mishra Dhatu Nigam is a state-owned ‘Miniratna’ company under the Ministry of Defence. The company is engaged in the business of manufacturing high-performance superalloys, titanium alloys, and high-strength steels.

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