Shares of multi-bagger shipbuilding firm Mazagon Dock Shipbuilders Ltd hit a 52-week high today after the firm inked a Rs 2725 crore contract for Medium Refit with Life Certification MRLC of the sub-surface killer SSK Class of Submarine INS Shankush with the Ministry of Defence.
Shares of Mazagon Dock Shipbuilders rose 7.55% in early trade today to reach its 52-week high of 1341. It was higher at 1280 against the previous close of 1246.85 on BSE. The firm's market cap rose to Rs 26,651 crore in the first quarter of this year.
The total of 3.02 lakh shares have changed hands, amounting to a turnover of 39.94 crore on BSE. Mazagon Dock shares have surged 434% in a year, and 67.36 per cent year-on-year in 2023. On July 1, 2022, Mazagon Dock stock dropped to a 52-week low of 241.60.
Mazagon Dock stock has a one-year beta of 1.5, which indicates very high volatility during the period. Mazagon Dock shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The submarine will be commissioned and ready to be delivered in 2026, according to the MRLC.
Shankush is an SSK class of Submarine to be re-fitted at MDL as the lead contractor, which will be supported by over 30 MSMEs.
The statement from the Indian navy said INS Shankush will be combat-ready and will join the Indian Navy's active fleet with improved combat capabilities.
MDS, Mazagon Dock Shipbuilders Ltd., is a shipbuilding and offshore fabrication yard. The company has a broad range of activities including shipbuilding, ship repairs, and manufacturing of offshore structures. It provides: warships, merchant ships, submarines, support vessels, offshore platforms, passengers cum cargo vessels, trawlers, main and helidecks and barges.