Shares of Mazagon Dock Shipbuilders were trading in the green and 5% higher on 11 December after the company secured a Rs 1,145 crore order from ONGC.

In its regulatory filing, the company said that it had secured a contract for the Part Replacement of Pipeline Project from the state-run natural gas major. The contract calls for the installation of approximately 44.4 km of subsea pipelines divided into 19 segments.

The company received the order through a bidding process, and it has to be executed by 15 May 2024.

In its quarterly report for July-September, the company reported a 55% year-on-year increase in its net profit to Rs 332.9 crore for the quarter. The company revenue from operation stood at Rs 1,827 crore during the quarter, which is a 7.3% YoY increase from the number reported in the previous quarter.

The company is one of India’s top-performing defence and shipping stocks of 2023, as it has given multi-bagger returns year-to-date.

At 3:30 pm, the shares of Mazagon Dock Shipbuilders closed 2.70% higher at Rs 2,115 on NSE.