Shares of Mazagon Dock Shipbuilders Ltd were trading in the red and 2% lower on 9 September despite the company announcing securing a contract from Oil and Natural Gas Corporation Ltd (ONGC). 

The company was awarded the subsea pipeline replacement project 8 Group A (PRP 8 Group A) with a ceiling price of Rs 1,486.40 crore on an EPC reimbursable basis. 

Mazagon Dock and other defence stocks came under focus after the Defence Acquisition Council (DAC) of the Union government approved large purchases of Rs 1,44,716 crore for the Armed Forces.

Mazagon Dock Shipbuilders Limited (MDL), established in 1774 in Mumbai, is a premier Indian shipbuilding company specialising in defence. Since 1960, it has launched 801 vessels, including warships, submarines, cargo ships, and offshore platforms. 

Notably, MDL has constructed 28 warships and 7 submarines, with a focus on Naval Platforms like Frigates and Destroyers. MDL emphasises indigenisation, using 75% indigenous materials to cut costs, and its infrastructure supports the simultaneous construction of 11 submarines and 10 warships. It also contributes to the “Make in India” initiative.

At 2:23 pm, the shares of Mazagon Dock were trading 1.14% lower at Rs 4,349.95 on NSE. 

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