Mazagon Dock Shipbuilders shares zoom 15%; here's what analysts say

Mazagon Dock Shipbuilders shares saw a sharp uptick in Thursday's trading session. The stock soared 14.90 per cent to hit a high of Rs 3,215. It was last seen trading 11.95 per cent higher at Rs 3,132.40. At this price, the multibagger defence scrip has gained 205.21 per cent in a year.

Technical analysts largely remained positive on the counter. Support could be seen at the Rs 2,900-2,700 zone. On the higher end, immediate resistance may be found in the Rs 3,215-3,230 range.

Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "Mazagon is primarily in an uptrend, with strong support around the Rs 2,800-2,700 zone. On the higher end, resistance could be seen around Rs 3,215-3,230 levels, followed by the 3,500 sub-zone."

Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, said, "One can consider buying the stock for an upside target of Rs 3,300. Keep stop loss placed at Rs 2,900."

The counter was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 58.90. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The company's stock has a price-to-equity (P/E) ratio of 34.10 against a price-to-book (P/B) value of 11.30. Earnings per share (EPS) stood at 91.50 with a return on equity of 33.13.

On BSE, around 2.14 lakh shares changed hands today. The figure was lower than the two-week average volume of 3.05 lakh shares. Turnover on the counter came at Rs 66.42 crore, commanding a market capitalisation (m-cap) of Rs 62,907.11 crore.

As of March 2024, promoters held an 84.83 per cent stake in the company.