Stocks of Mazagon Dock Shipbuilders Ltd. jumped nearly 5% on Thursday after it won an order worth Rs 1,614 crore from the Ministry of Defence.
The procurement contract is for six next-generation offshore patrol vessels for the Coast Guard. Four of them will replace the existing aging OPVs and two others will augment the fleet, the ministry has said in a statement.
The contract of the indigenously designed, developed and manufactured vessels is to be completed within 66 months, it said.
Mazagon's stock rose as much as 4.94% during the day to Rs 2,147.45 apiece on the NSE. It pared gains to trade 3.24% lower at Rs 2,112.50 apiece compared to a 0.14% decline in the benchmark Nifty 50 at 10:17 a.m.
The share price has risen 166.08% on a year-to-date basis. The total traded volume so far in the day stood at 4.6 times its 30-day average. The relative strength index was at 55.
Two out of the four analysts tracking Mazagon have a 'buy' rating on the stock, one recommends a 'hold' and another suggests 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 153.3%.
RECOMMENDED FOR YOU
Mazagon Dock Share Price Surges After Q2 Profit Uptick
Nov 05, 2024
Mazagon Dock Announces 2-For-1 Stock Split, Approves Interim Dividend
Oct 22, 2024
Mazagon Dock Shipbuilders Share Price Falls, Board To Consider Stock Split, Dividend
Oct 22, 2024
Mazagon Dock Share Price Surges As Board Mulls Interim Dividend, Stock Split
Oct 18, 2024
POPULAR