Shares of Mazagon Dock Shipbuilders Ltd. jumped more than 4% on Monday after signing a letter of intent with an European client.
The individual shipbuilding contracts are for construction of three units of 7,500-deadweight-tonnage multi-purpose hybrid-powered vessels for a value of approximately $42 million, according to an exchange filing on Friday.
On the NSE, Mazagon's stock rose as much as 4.43% during the day to Rs 2,175 apiece, the highest since Oct. 16. It pared gains to trade 2.9% higher at Rs 2,143.55 apiece compared to a flat Nifty 50 as of 10:58 a.m.
The stock has risen 170.28% on a year-to-date basis. The total traded volume so far in the day stood at 2.4 times its 30-day average. The relative strength index was at 62.74.
Two out of the four analysts tracking Mazagon maintain a 'buy' rating on the stock, one recommends 'hold' and another suggests 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 7%.
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