Mazagon Dock shares rally 4.45% on ₹1,990 cr deal from Defence Min

The shares of Mazagon Dock Shipbuilders Limited saw a 4.45% rally to an intraday high of ₹2,369.95 per share on Tuesday as the company bagged an order worth ₹1,990 crores ($233 million) from the Ministry of Defence.

The Ministry of Defence signed a contract with the shipbuilding company for technology that will allow submarines to stay submerged for a longer duration.

Mazagon Dock Shipbuilders Limited (MDL), a Mumbai-based cornerstone of India's naval infrastructure since 1774, has evolved into a powerhouse of indigenous defense manufacturing with an impressive track record of 802 vessels, including 28 warships and 7 submarines. Operating multiple specialized facilities across Mumbai, including the North, South, Nhava, and Anik yards, MDL's infrastructure can simultaneously handle 11 submarines and 10 warships, with 75% of its warship construction utilizing indigenous materials. This strategic focus on self-reliance, supported by a dedicated "Make in India" department, positions MDL as a crucial player in India's maritime defense capabilities.

At close on Tuesday, the shares of Mazagon Dock Shipbuilders Limited were trading 1.82% lower at ₹2,227.80 per share as compared to the previous close of ₹2,269.05 per share on the National Stock Exchange (NSE).

Summary:

Mazagon Dock Shipbuilders Limited saw a 4.45% rally in share price on Tuesday as the company secured an order worth ₹1,990 crores ($233 million) from the Ministry of Defence.