MARKETS

Mazagon Dock Shipbuilders 5% on Securing Order from ONGC Worth Rs 1,145 Crore

Mazagon Dock
The nearly Rs 70,000 crore deal involves building six conventional submarines.

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.

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