Midhani shares jump 5% today defying market correction; here's why

Shares of Mishra Dhatu Nigam Ltd (Midhani) saw a sharp uptick in Monday's trade even as the domestic benchmarks tumbled due to concerns over US President Donald Trump's fresh round of tariff announcements.

The defence PSU's stock jumped 5.34 per cent to hit a day high of Rs 287.05. Last checked, it was up 5.12 per cent at Rs 286.45. Despite the mentioned uptick, the scrip has slipped 16.43 per cent on a year-to-date (YTD) basis.

Midhani shared its performance highlights for the financial year 2024-25 (FY25), mentioning it recorded sales of Rs 1,070 crore compared to Rs 1,072.67 crore in FY24. "Highest ever exports of Rs 94 crore (provisional and unaudited) was recorded for FY25 compared to Rs 63.72 crore for FY24," the state-run firm added.

Technically, the scrip traded higher than the 5-day, 10-, 20-day and 30-day simple moving averages (SMAs) but lower than the 50-day, 100-, 150-day and 200-day SMAs. Its 14-day relative strength index (RSI) came at 53.17. A level below 30 is defined as oversold while a value above 70 is considered overbought.

As per BSE, the stock has a price-to-equity (P/E) ratio of 53.52 against a price-to-book (P/B) value of 3.98. Earnings per share (EPS) stood at 5.35 with a return on equity (RoE) of 7.44. According to Trendlyne data, Midhani has a one-year beta of 1.6, indicating high volatility.

Around 40,000 shares changed hands on BSE at the time of writing this story. The figure was lower than the two-week average volume of 59,000 shares. Turnover on the counter came at Rs 1.10 crore, commanding a market capitalisation (m-cap) of Rs 5,377.59 crore. There were 1,18,347 sell orders against buy orders of 27,085 shares.

As of December 2024, the government held a 74 per cent stake in the defence PSU.

Meanwhile, domestic equity benchmarks registered a sharp cut today as IT, financials, consumer, metal and pharma stocks dragged. Broader indices (mid- and small-cap shares) were also in the red.