Mazagon Dock shares in news today as firm inks $42-million deal for 3 hybrid vessels

Shares of Mazagon Dock Shipbuilders Ltd are in news today after the company said it inked a $42-million contract with a European client. Mazagon Dock stock ended flat at Rs 2081.35 on Friday against the previous close of Rs 2072.05 on BSE. Total 0.27 lakh shares of the firm changed hands amounting to a turnover of Rs 5.66 crore. Market cap of Mazagon Dock rose to Rs 41,978.75 crore on BSE.

mazdock-share-price-366149">Mazagon Dock shares have a one-year beta of 0.1 , indicating very low volatility during the period.

In terms of technicals, the relative strength index (RSI) of Mazagon Dock stands at 56.2, signaling it's trading neither in the overbought nor in the oversold zone. Mazagon Dock stock stands higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

“This is to inform that Mazagon Dock Shipbuilders Limited (MDL) has signed individual Shipbuilding Contracts with the European client for the construction of three (03) units of 7,500 DWT Multi-Purpose Hybrid Powered Vessels on December 14, 2023, for a value of approximately $42 million," MDL said a regulatory filing.

The contract, which was signed on December 14, 2023, outlines the construction of three state-of-the-art 7,500-deadweight tonne (DWT) multi-purpose hybrid powered vessels, with a total contract value estimated at around $42 million.

The nature of the order encompasses the comprehensive process of designing, building, and delivering these advanced vessels upon completion, the Mumbai-based shipbuilder said.

The defence firm reported a 56% rise in consolidated net profit at Rs 333 crore in Q2 against Rs 214 crore in the corresponding quarter of the previous year. The board also approved an interim dividend of Rs 15.34 per share for the financial year 2023-24.

Revenue from operations in Q2 rose 7% year-on-year to Rs 1,828 crore against Rs 1702 crore a year ago. EBITDA or operating profit climbed 50% year-on-year to Rs 177 crore in the quarter. Net profit rose 6% from Rs 314 crore in the June quarter. Revenue from operations declined 16% quarter-on-quarter. Profit before tax (PBT) in the September quarter rose 53% year-on-year to Rs 407 crore against Rs 261 crore in the corresponding quarter of last year.

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.