Boost for shipbuilders- Mazagon Dock zooms 4%; wins third order in 10 days

Boost for shipbuilders: Mazagon Dock zooms 4%; wins third order in 10 days

Mazagon Dock Shipbuilders jumps more than 5% from days low, showcasing a robust performance as the company secured its third consecutive order in the span of 10 days. The latest contract, valued at ₹1,600 crore, has been inked with the Ministry of Defence for the construction and delivery of six cutting-edge offshore patrol vessels destined for the Indian Coast Guard.

Under the agreement, Mazagon Dock is committed to delivering the initial vessel within 41 months, with subsequent deliveries following at intervals of five months. This remarkable feat marks the shipbuilder’s third significant win in the past 10 days, solidifying its position as a key player in the maritime construction domain.

Furthermore, on December 11, Mazagon Dock Shipbuilders announced a substantial order win worth $1,142 crore from ONGC. This contract entails the part replacement of a pipeline on a turnkey basis, emphasizing the company’s diverse portfolio and expertise.

Following this string of successes, shares of Mazagon Dock Shipbuilders are currently trading 4% higher at ₹2,105.5. The stock has consistently featured among the top small-cap gainers in 2023, boasting an impressive gain of nearly 171% year-to-date. Despite a minor setback of close to 4% during Wednesday’s broader market sell-off, the stock has rebounded, reflecting the resilience and investor confidence in the company’s growth trajectory.