Mazagon Dock shares rise 10%, market cap breaches Rs 45k crore 

Shares of Mazagon Dock Shipbuilders Ltd gained 10% amid a rally in the market today. Mazagon Dock stock zoomed 10.01% to Rs 2332.05 on Tuesday against the previous close of Rs 2119.85 on BSE. Total 2.13 lakh shares of the firm changed hands amounting to a turnover of Rs 48.36 crore. Market cap of Mazagon Dock rose to Rs 45,808 crore on BSE.

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 57.1, 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.

The stock has delivered multibagger returns of 183% in a year and gained 188% in 2023.

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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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.