Shares of Mazagon Dock Shipbuilders Ltd surged 6% on 23 January after the company issued a clarification that they are in preliminary talks with Jawaharlal Nehru Port Authority (JNPA) in regards to the Solar Cell Powered Boat built by the company.
In its regulatory filing, the company said, “We would like to clarify that, as of now, no such contract is signed between MDL and JNPA. However, discussion with JNPA is in the preliminary stage with regard to the Solar Cell Powered Boat built by MDL.”
A clarification was issued about a contract between the company and JNPA regarding an electric water taxi.
Earlier, on Monday, the Ministry of Defence announced that they had signed a Rs 1,990 crore contract with the company for technology, allowing submarines to stay underwater for longer.
Mazagon Dock Shipbuilders stands as a prominent shipbuilding company in India. Since its inception in 1960, the firm has successfully launched an impressive 801 vessels, encompassing a wide array of maritime vessels, including warships, submarines, cargo ships, passenger vessels, and offshore platforms.
The company’s expertise lies primarily in the defence sector, with a remarkable track record of constructing 802 vessels to date. This impressive portfolio includes 28 warships, ranging from advanced destroyers to agile missile boats, as well as 7 submarines. MDL’s capabilities extend beyond military vessels, encompassing Naval Platforms such as Frigates and Destroyers alongside Merchant Ships and equipment for the Oil Sector, including Offshore Platforms and Jack-up rigs.
MDL boasts a robust infrastructure capable of simultaneously managing the construction of 11 submarines and 10 warships. In line with national initiatives, the company has established a dedicated “Make in India” Department, focusing on promoting indigenous production and reducing dependence on imports in the shipbuilding sector.
At 3:30 pm, the shares of Mazagon Docks closed 1.63% higher at Rs 2,324.95 on NSE.
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