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

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.

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%.