Defense PSU Stock, Mazagon Dock declines sharp by 3%, despite securing order worth Rs 1,990 crore
The first contract, valued at approximately Rs 1,990 crore, was for the construction of the AIP Plug and its integration and was awarded to Mazagon Dock Shipbuilders Limited in Mumbai.
Defense PSU Stock, Mazagon Dock declines sharp by 3, despite securing order worth Rs 1,990 crore
Mazagon Dock Shipbuilders, a key player in the shipbuilding and defense industry, experienced a decline of 3.06% on December 30, 2024. Despite this recent downturn, the stock has demonstrated resilience, outperforming its sector by 1.13% on the same day. Over the past two days, the stock has faced consecutive losses, resulting in a total drop of 5.22%.
Yesterday, the Ministry of Defence signed two contracts, worth approx. Rs 2,867 crore, for the construction of Air Independent Propulsion (AIP) Plug for the DRDO-AIP system & its integration onboard Indian Submarines, and the integration of Electronic Heavy Weight Torpedo (EHWT) onboard the Kalvari-Class submarines.
Both contracts were signed in the presence of Defence Secretary Shri Rajesh Kumar Singh in New Delhi on December 30, 2024. The first contract, valued at approximately Rs 1,990 crore, was for the construction of the AIP Plug and its integration and was awarded to Mazagon Dock Shipbuilders Limited in Mumbai.
The second contract, concerning the integration of the EHWT being developed by DRDO, was signed with Naval Group from France for around Rs 877 crore.
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With a market capitalization of Rs. 92,142.08 crores, the shares of Mazagon Dock Shipbuilders Limited have reached an intraday high of Rs. 2,370.50 per equity share, rising nearly around 4.60 percent from its previous day’s close price of Rs. 2,266.25. Over the last five years, the company has delivered a return of 2592.79 percent.
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