Mazagon Dock Share Price Surges As Board Mulls Interim Dividend, Stock Split
Mazagon Dock Shipbuilders has fixed Oct. 30 as record date to determine the eligible shareholders for the interim dividend.
Mazagon Dock Shipbuilders Ltd.'s share price jumped nearly 10% on Friday after the board said it will consider an interim dividend and stock split in a meeting on Oct. 22.
The company has fixed the record date to determine the eligible shareholders for the interim dividend as Oct. 30, 2024. It did not disclose the proposed amount of dividend.
Mazagon Dock paid an interim dividend of Rs 15.34 apiece to shareholders for the previous financial year in November. It also paid a final dividend of Rs 12.11 per share for the year ending March 31, 2024, last month.
The stock split will be the first such move since the shipbuilder listed on the exchanges in October 2020. Shares have gained over 2,500% since its market debut at Rs 215 apiece. The current face value of each stock is Rs 10.
The government owns 84.83% equity in Mazagon Dock and the rest 15.17% is free float.
The company's total order book stood at Rs 36,839 crore as of June 2024.
Mazagon Dock Share Price Movement
Shares of Mazagon Dock rose as much as 9.8% intraday to Rs 4,655 apiece, the highest since Sept. 5.
Shares of Mazagon Dock rose as much as 9.8% intraday to Rs 4,655 apiece, the highest since Sept. 5. The stock pared gains to trade 7.2% higher at Rs 4,541.25 by 2:30 p.m., compared to a 0.5% rise in the benchmark NSE Nifty 50.
It has risen 112% in the last 12 months and 99% year-to-date. Total traded volume stood at 4.7 times the 30-day average. The relative strength index was at 58.
Of the four analysts tracking the company, two maintain a 'buy' rating, one suggests a 'hold' and one recommends a 'sell', according to the Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 27%.
