Mishra Dhatu Nigam Shares Rise After Supplying Materials For ISRO's Solar Mission

The company has supplied specialised material to build Aditya-L1's launcher vehicle PSLV-C57.

<div class="paragraphs"><p>Mishra Dhatu Nigam Ltd.'s Hyderabad plant. (Source: Company website)</p></div>
Mishra Dhatu Nigam Ltd.'s Hyderabad plant. (Source: Company website)

Shares of Mishra Dhatu Nigam Ltd. hit an all-time high on Monday after it said it was the key supplier of specialised metals and alloys for ISRO's solar mission.

Aditya-L1's launcher vehicle, PSLV-C57, was built with several materials supplied by the company, according to an exchange filing. “India’s first solar mission, Aditya-L1, successfully launched by ISRO, brings more laurels to our nation and atmanirbharta in space projects," said SK Jha, chairman and managing director, Mishra Dhatu Nigam.

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Shares of the company rose 5.98% before paring gains to trade 3.25% higher at 10:42 a.m., compared to a 0.02% advance in the NSE Nifty 50.

The stock has risen 95.8% on a year-to-date basis. The total traded volume stood at 1.7 times its 30-day average. The relative strength index was at 73, implying that the stock may be overbought.

Of the three analysts tracking the company, two maintain a 'buy' rating and one recommends a 'hold', according to Bloomberg data. The average 12-month consensus price target implies a potential downside of 49.2%.