Mazagon Dock shares continue outperformance after third order win in 10 days

This is the third order won by the state-run shipbuilder over the ten days. 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 Shipbuilders are trading 3% higher at ₹2,105.5. The stock ranks among the top smallcap gainers of 2023, gaining nearly 170% so far this year.

The stock has gained in four out of the last five trading sessions. It had declined close to 4% on Wednesday, in line with the broader market sell-off.