Mishra Dhatu Nigam shares hit 20% upper circuit; stock prices jump 22% since Q3 results

Mishra Dhatu Nigam (Midhani) shares hit 20 per cent upper circuit at Rs 216.30 a piece on BSE in Monday’s session after the company last week posted a 258 per cent on-year rise in net profit at Rs 60.50 crore for the quarter ended December 31. Total revenue of the company increased 35 per cent on-year to Rs 206.87 crore in the third quarter of the current fiscal. Mishra Dhatu Nigam share price surpassed its previous high of Rs 187 apiece touched on Feburary 14. 

Post Q3 earnings, Mishra Dhatu Nigam share price has climbed 22 per cent as the company registered a more than three-fold jump in net profit in third quarter of the financial year 2019-20. It had registered a profit of Rs 16.90 crore in the corresponding quarter of a year-ago period. “Stabilisation of 1500T Forge press and other recent capital investments coupled with a healthy order booking, particularly from space sector, has enabled the Mini-Ratna Defence PSU Mishra Dhatu Nigam Limited (MIDHANI) to achieve a Net Turnover of Rs.206.89 Cr during the third quarter of FY 2019-20 registering a growth of about 35% compared to Rs.153.23 Cr during the corresponding period of the previous year,” Mishra Dhatu Nigam said in a press release

As on January 1, 2020, the company’s order book position stood at Rs 1,776 crore. The profit before tax during the 3rd quarter of FY20 stood at Rs 58.45 crore, over the Rs 22.89 crore in the corresponding period of the previous year. Meanwhile, domestic equity market benchmarks, Sensex and Nifty were trading nearly half a per cent lower amid rising death toll from coronavirus in China. S&P BSE Sensex was trading 167 points or 0.41 per cent lower at 41,090 points while the broader Nifty 50 index was ruling at 12,054 points, down 60 points or 0.50 per cent. 

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