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Bloomberg
India’s ambition to build up its defense industry through a $250 billion program has sent shares of a state-owned metalmaker rocketing just days after a lukewarm trading debut.
Mishra Dhatu Nigam Ltd., which makes specialty steel and is the country’s only producer of titanium alloys used in aerospace, has seen its market value surge 88 percent to 32 billion rupees ($490 million) since its April 4 listing. The stock jumped by the 10 percent limit to 169.1 rupees on Thursday after the company said it signed two non-binding agreements during the Defence Expo in India held.
“The company is a conduit for India’s defense manufacturing plan,†said Sanjiv Bhasin, executive vice president at India Infoline Ltd.
“The materials it is into are doing extremely well globally. I see more outperformance,†he said, forecasting a target of 175-180 rupees.