Shares of Mazagon Dock Shipbuilders are up another 9% on Tuesday, extending its gains for the third day in a row.
The Indian Navy is commissioning the latest Sealth Guided Missile Destroyer Imphal today. The state-of-the-art warship is built by Mazagon Dock Shipbuilders Ltd.
Shares of Mazagon Dock have been outperforming, having gained in six out of the last seven trading sessions. Last week, the company signed a contract with the Ministry of Defence worth ₹1,600 crore. This was the third order win for the company in the last 10 days.
The contract pertains to the construction and delivery of six next-generation offshore patrol vessels for the Indian Coast Guard.
The company on December 15 had signed a contract with a European client worth $42 million. The contract pertained to the construction of three units of 7,500 DWT Multi-Purpose Hybrid Power Vessels.
On December 11, the company also announced an order win worth $1,142 crore from ONGC for part replacement of a pipeline on a turnkey basis.
In an interaction with CNBC-TV18 on November 9, Mazagon Dock CMD Sanjeev Singhal mentioned that he is hopeful of the company receiving orders from the export market over the next two months.
Singhal also retained the revenue growth guidance between 12% and 15% for the financial year 2024.
Shares of Mazagon Dock have been one of the biggest wealth creators in the last three years, with the stock having risen as much as 14x from its IPO price of ₹144.
With today's surge, the stock, on the charts, has crossed the Relative Strength Index (RSI) of 70, indicating that the stock is entering overbought territory.
(Edited by : Amrita)
First Published: Dec 26, 2023 12:19 PM IST
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