• The Wide Plate Mill facility will meet the requirements of special steel plates for national strategic programs
Shares of Mishra Dhatu Nigam Limited (MIDHANI) rose over 5% to ₹212 per share on the BSE in Tuesday's trading session after the Government of India enterprise under the administrative control of the Ministry of Defense (MoD) took off.
MIDHANI is one of the few modern metallurgical plants in the world, which manufactures a wide range of superalloys, titanium, alloys, special steel etc. in various mill forms using state-of-the-art production facilities. MIDHANI since its inception has been playing a vital role in supplying materials to various strategic sectors like Space, Defense and Energy.
"In this pursuit, MIDHANI has set up a flagship facility of national importance, 'Wide Plate Mill' at its existing Hyderabad plant, with an investment of approximately ₹500 crore," the company said in an exchange filing. ,
The Wide Plate Mill facility will meet the requirements of special steel plates for national strategic programmes. The mill is expected to serve as a national facility for development of wide plates that will meet present and future requirements and also provide import substitution facility.
Alloy Metal shares have a upside of over 17% in 2022. The company was listed on the stock exchanges in April 2018 and the government raised ₹438 crore by selling 26% stake through an initial public offering (IPO). As on October 1, 2022, MIDHANI's orderbook stood at ₹1,501 crore as against ₹1,359 crore as on July 1, 2022.
In October, state-run Mishra Dhatu Nigam Limited (MIDHANI) and Boeing India announced a joint venture to develop raw materials for aerospace parts and components in India.
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