Mazagon Dock Shipbuilders Shares Gain On Securing Contract Worth Over Rs 1,145 Crore From ONGC

Shares of mid-cap defense stock Mazagon Dock Shipbuilders jumped over 5% in the intraday trading on Monday on securing an order worth over Rs 1,145 crore by Oil and Natural Gas Corporation (ONGC). In the last six months, Mazagon Dock Shipbuilders shares have gained 105.98%.

In an exchange filing on Friday, the company said, "Oil and Natural Gas Corporation Limited (ONGC) has placed a Notification of Award of Contract on December 07, 2023, on Mazagon Dock Shipbuilders Limited for Part Replacement of Pipeline Project (PRPP) on a turnkey basis at a total lump sum price of Rs 11,45,10,47,012.06 including all taxes and duties."

According to the company, the Contract (s)/Order (s) is to be executed by May 15, 2024.

The Mazagon Dock Shipbuilders shares were seen trading 3.58% higher at Rs 2129.65 per share at 12:04 pm IST on Monday. Both Mazagon Dock Shipbuilders Limited & Oil and Natural Gas Corporation Limited (ONGC) are government companies as per Section 2(45) of the Companies Act, 2013 under the Government of India.

Today, ONGC shares were spotted trading 2.02% higher at Rs 199.85 per share at 12:21 pm IST.

Mazagon Dock Shipbuilders stock price performance:

The stock of Mazagon Dock Shipbuilders is a multi-bagger stock as the company's shares have delivered over 100% returns in last 1-year, 2 years, and 3 years. In this year so far the stock has gained 170%. The last 1-year, 2-year, and 3-year returns from the stock are 141.48%, 694.78%, and 1027.37% respectively. In the last six months, Mazagon Dock Shipbuilders shares have gained 105.98%.

About Mazagon Dock Shipbuilders:

Mazagon Dock Shipbuilders is a shipbuilding company that manufactures warships and submarines for the Indian Navy. The company's portfolio encompasses a diverse range of products for both domestic and International clientele. The company has built a total of 802 vessels since 1960, including 28 warships, ranging from advanced destroyers to missile boats as well as 7 submarines.

For both national and global clientele, Mazagon Dock has also provided cargo ships, passenger ships, supply vessels, multipurpose support vessels, water tankers, tugs, dredgers, fishing trawlers, barges, and border outposts. Jackets, wellhead platform main decks, process platforms, jack-up rigs, and other products.