Shares of Mazagon Docks Shipbuilder were trading 5% above on 10 October after the company announced that it had received a LoI (letter of intent) for the construction of multi-purpose hybrid power vessels.

The company has signed a LoI with a European Client for the construction of 06 firm and 04 operational units of 7,500 DWT multi-purpose hybrid power vessels.

The price of the said deal is to be firmed up at the time of signing the contract.

Last month, the company signed a master ship repair agreement with the government of the United States, represented by NAVSUP Fleet Logistics Centre Yokosuka. This agreement is a non-financial agreement, and there is only one more shipyard other than the company that has signed a master ship repair agreement. This agreement will open up voyage repairs of US Navy Ships at Mazagon Docks Shipyards.

At 1:47 pm, the shares of Mazagon Docks were trading at Rs 2,168.35 or 4.58% above its previous close on NSE.