Mazagon Dock shares cross Rs 2,500 mark for first time, overbought on charts; here are fresh price targets

Mazagon Dock shares cross Rs 2,500 mark for first time, overbought on charts; here are fresh price targets

Mazagon Dock Shipbuilders shares gained 2.89% to record high of Rs 2525 against the previous close of Rs 2453.95 on BSE. Total 0.50 lakh shares of the firm changed hands amounting to a turnover of Rs 12.55 crore.

Mazagon Dock shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day and higher than the 100 day, 150 day and 200 day moving averages.
Aseem Thapliyal
  • Apr 26, 2024,
  • Updated Apr 26, 2024, 11:44 AM IST

Shares of multibagger defence stock Mazagon Dock Shipbuilders crossed the Rs 2,500 mark for the first time ever on Friday. Mazagon Dock Shipbuilders shares gained 2.89% to record high of Rs 2525 against the previous close of Rs 2453.95 on BSE. Total 0.50 lakh shares of the firm changed hands amounting to a turnover of Rs 12.55 crore. Market cap of Mazagon Dock rose to Rs 49,836 crore on BSE.

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Mazagon Dock share price has risen 232.57% in a year. The stock zoomed 8.19% in 2024 and gained 685% in two years.

Mazagon Dock shares have a one-year beta of 0.3, indicating very low volatility during the period. In terms of technicals, the relative strength index (RSI) of Mazagon Dock  stands at 71.4, signaling it's trading in the overbought zone. Mazagon Dock shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day and higher than the 100 day, 150 day and 200 day moving averages.

Nirmal Bang has a target of Rs 2,786 with a buy call on Mazagon stock.

"We expect a revenue/EBITDA/PAT CAGR of 25%/21%/14% in FY24E26E. Given the strong order book and revenue visibility, we assign a higher multiple at 28x which is above the average one year P/E. Robust order book position >5x the revenue with management’s greater emphasis on domestic sales, we expect a revenue/EBITDA/PAT CAGR of 25%/21%/14% in FY24E-26E. Given this strong order book and revenue visibility and healthy balance sheet, we assign a higher multiple at 28x which is above the average one-year P/E. We initiate a "BUY" with a target of Rs 2,786, valuing it at 28x March'26 EPS,” said Nirmal Bang.

Antique Broking has a target of Rs 2,774 on the Mazagon Dock stock.

Abhijeet from Tips2trades said, "Mazagon Dock stock price is bearish and slightly overbought with strong resistance at Rs 2524. Investors should keep booking profits as daily close below the support of Rs 2284 could lead to a fall till Rs 1991 in the near term."

About the company

Mazagon Dock Shipbuilders Ltd (MDS) is a shipbuilding and offshore fabrication yard. The company's major activities include shipbuilding, ship repairs and fabrication of offshore structures. It provides warships, merchant ships, submarines, support vessels, offshore platforms, passenger cum cargo vessels, trawlers, main and helidecks and barges.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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