
Shares of Mazagon Dock Shipbuilders Ltd delivered multibagger returns in 2023. Mazagon Dock stock zoomed 196.78% on a year to date basis, nearly tripling investor wealth during the period. In a year, the stock rose 184.94% against 23.90% returns by the benchmark BSE 500 index. On Wednesday, the stock rose 4.10% intraday to Rs 2382.55 against the previous close of Rs 2288.70 on BSE. Total 3.35 lakh shares of the firm changed hands amounting to a turnover of Rs 77.86 crore. Market cap of Mazagon Dock rose to Rs 47,032 crore on BSE.
Mazagon Dock shares have a one-year beta of 0.2, indicating very low volatility during the period. In terms of technicals, the relative strength index (RSI) of Mazagon Dock stands at 69.3, signaling it's trading neither in the overbought nor in the oversold zone. Mazagon Dock shares are trading higher than the 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
Commenting on the outlook of the stock for next year, Abhijeet from Tips2trades said, "Mazagon Dock stock price is bullish on the daily charts with next resistance at Rs 2356. Investors should book profits at current levels as a daily close below the support of Rs 2153 could lead to Rs 1950 in the near term."
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Shiju Koothupalakkal - Technical Research Analyst, Prabhudas Lilladher said,"The stock has witnessed a big positive bullish candle pattern on the daily chart to indicate a breakout above the resistance zone of Rs 2220 levels to improve the bias and is anticipated for further rise in the coming days with indicators showing strength and has further upside potential to carry on with the momentum. The near-term target is Rs 2470 levels while support would be Rs 2220 levels."
Vaibhav Kaushik, Research Analyst, GCL Broking said , "Mazagon Dock stock is under consolidation from the last 4 to 5 months. Now stock is ready for big moves. One can buy near Rs 2270 with a stop loss of Rs 2190 for a target of Rs 2500 to 2600."
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Ravi Singh, Market Expert said,"Mazagon Dock share price is showing strength on daily and weekly chart patterns. The 14-day RSI and MACD are in buy zone and the short term and long term MAs are trading below the stock price, suggesting a strong uptrend ahead. The volume has also picked up supporting the current trend. All the parameters are in support of Rs 2350 levels in the counter in near term."
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.
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