Mazagon Dock Shipbuilders Shares Soar After Securing Order From ONGC
It has risen 93.20% in the last 12 months. Total traded volume so far in the day stood at 1.8 times its 30-day average.
Shares of Mazagon Dock Shipbuilders rose by more than 3% on Monday following the announcement of a substantial Rs 1,486.40-crore order from Oil and Natural Gas Corp, awarded on Friday.
The contract, detailed in an exchange filing, involves a pipeline replacement project to be executed on an engineering, procurement, and construction reimbursable basis. Mazagon Dock is expected to complete the project by February 28, 2026.
Earlier, in an exclusive interview with NDTV Profit, Sanjeev Singhal, chairman and managing director of the Mumbai-based shipbuilder, highlighted the company’s readiness to manage anticipated significant order inflows. The shipbuilding sector is projected to see an order book totaling Rs 2 lakh crore over the next two years, shared among the three major shipbuilders.
The scrip rose as much as 3.26% to 4,544 apiece. It gave up gains to trade 0.24% lower at Rs 4,390 apiece, as of 09:53 a.m. This compares to a 0.07% rise in the NSE Nifty 50 index.
It has risen 93.20% in the last 12 months. Total traded volume so far in the day stood at 1.8 times its 30-day average. The relative strength index was at 44.
Out of four analysts tracking the company, two maintain a 'buy' rating, zero recommend a 'hold,' and two suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 16.1%.
