Shares of Mazagon Dock Shipbuilders Ltd rose 1% to a day’s high of Rs 2,816.40 on 11th September after the company announced it had begun negotiations with the Indian Navy for the long-delayed submarine programme, Project P-75(I).

Mazagon Dock has started talks with the Navy on Project P-75(I). This comes after the Defence Ministry in August cleared it to begin cost negotiations with Germany’s Thyssenkrupp Marine Systems. The nearly Rs 70,000 crore deal involves building six conventional submarines. Sources suggest the contract could be awarded about six months after cost talks conclude.

Mazagon Dock and Thyssenkrupp had signed an MoU in June 2023. The German firm will handle engineering and design. Meanwhile, Mazagon Dock would build and deliver the submarines to the Navy.

Separately, Mazagon Dock is set to join the Nifty Next 50 index from the end of September. This is part of NSE’s biannual reshuffle, which may further lift its stock.

At 12:55 PM, the shares of Mazagon Dock were trading 0.77% higher at Rs 2,776.50 on NSE.

Tired of missing hot stocks? Unicorn Signals provides powerful tools like stock scans and more help you make informed trading decisions. Download now and take control of your portfolio!