Shares of Mishra Dhatu Nigam Ltd (Midhani), a leading defence public sector undertaking (PSU), jumped by 7% in early trading today, reaching ₹282.80 on the Bombay Stock Exchange (BSE). This surge comes as the company’s board of directors prepares to meet to discuss the declaration of an interim dividend for the 2024-25 fiscal year.
Originally scheduled for tomorrow, March 20, the board meeting has been brought forward to today, March 19. Investors are eagerly awaiting the dividend decision, as the record date for the dividend is set for March 25. This means anyone who holds shares before that date will be eligible for the dividend, while the stock will begin trading ex-dividend starting March 25.
Setbacks Experienced
Despite the recent surge in the stock price, Midhani has faced some setbacks over the past year, with its stock dropping about 22%. The stock has also fallen by over 18% year-to-date. However, when looking at the bigger picture, Midhani has shown impressive growth in the past two years, with its share price rising by nearly 48% during that period.
Mishra Dhatu Nigam Ltd, established in 1973, is a key player in the Indian defense sector, specializing in the production of high-quality special steels and superalloys used in defence applications. The company’s reputation for quality and its role in India’s defence manufacturing make it an important part of the national defense infrastructure.
