Public sector undertaking (PSU) company Mazagon Dock Shipbuilders Limited has secured a contract worth Rs 2,724.63 crore with the Indian Navy for the medium refit cum life certification (MRLC) of the second Shishumar class submarine INS Shankush. This has led to a significant increase in the company’s stock, which has seen a colossal 406% return in just the past year, in comparison to the 22% gain in the Sensex.
The contract was officially signed on June 30 in the presence of Mr. Dinesh Kumar, JS & AM(MS), and other Ministry of Defence representatives. The value of the contract is Rs 2,724.63 crore.
Mazagon Dock Shipbuilders shares gained 0.48% on the Bombay Stock Exchange (BSE) following the announcement. The last traded price of the company’s shares stands at Rs 1,246.85 per share on the BSE. Over the past year, the stock has shown an impressive return of 406%. Its 52-week high and low prices are Rs 1,337.70 and Rs 241.60 per share, respectively.
Mazagon Dock Shipbuilders Limited, a defense sector PSU shipyard under the Ministry of Defense, has a rich history dating back to 1774, with its reputation built on quality work and resourceful service to the shipping world and the Indian Navy & Coast Guard.
Disclaimer: The decision to invest in any stock, including Mazagon Dock Shipbuilders Limited, should be made after conducting thorough research and consulting with experts. The information provided in this article is for informational purposes only and should not be considered as financial advice.
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