Mazagon Dock Shipbuilders, a PSU giant in the defence and shipping sector, witnessed massive selling pressure on January 13 owing to the intense bearish trend in the market. Mazagon Dock slipped by nearly 10% in a single day, keeping it in the red in year-to-date performance as well. However, Mazagon Dock, which recently split its shares into a 1:2 ratio, is also a technical pick of brokerage Prabhudas Lilladher.
Mazagon Dock Shipbuilders Share Price:
The defence stock closed at Rs 2029.05 apiece, down by Rs 193.45 or 8.70% on BSE, with a market cap of Rs 81,847.82 crore. The stock dipped by at least 9.6% during the bearish session of January 13th. The stock eventually widened the gap between its CMP and its 52-week high of Rs 2,929.98 apiece, but it still continues to be a multi-bagger, with gains of 226% from its 52-week low of Rs 898.55 apiece.
The stock's performance fell despite Mazagon Dock's announcement last week of delivering the Sixth Scorpene Submarine, 'VAGHSHEER' of Project P-75, on January 9th. Vaghsheer was launched on 20 April 2022 and has undergone a series of comprehensive and rigorous tests and trials for more than a year to ensure delivery of a fully Combat-Worthy Submarine capable of operation in all modes and regimes of deployment.
Mazagon Dock Shipbuilders Corporate Actions:
Last year, the company delivered a host of dividends and carried its first-ever stock split.
Stock Split: The latest corporate action by Mazagon Dock is its stock split in the ratio of 1:2 whose ex-date stood on December 27, 2024. The face value of Rs 10 each of Mazagon Dock is split to Rs 5 each.
Dividends: Further, the company delivered one interim dividend of Rs 15.34 per share for FY25 whose ex-date was on October 30, 2024. Since February 2021, Mazagon Dock has delivered about 9 dividends. In the last 12 months, the dividend payout was Rs 35.30 per share, as per Trendlyne data. Currently, it has a dividend yield of 0.87%.
BUY Mazagon Dock Share Price?
In their latest note, Vaishali Parekh, Vice President - Technical Research at PL Capital Group - Prabhudas Lilladher said, MazDock has witnessed a short period of correction from the 2675 zone and has arrived near the base of the ascending channel pattern indicating a trend reversal with a positive candle formation on the daily chart with anticipation of further upward move in the coming days.
Further, Parekh's note added that the RSI has corrected quite well and currently is well placed with a positive reversal indicated. Additionally, the analyst said, the chart technically looks very attractive and with much upside potential visible, we suggest to buy the stock for an upside target of 2650, keeping the stop loss of 2020 level.
About Mazagon Dock:
Mazagon Dock Shipbuilders Limited, Mumbai, an ISO 9001: 2015 Company is one of the leading shipbuilding yard in India. The company's current portfolio of designs spans a wide range of products for both domestic and overseas clients. Since 1960, MDL has built total 804 vessels including 30 warships, from advanced destroyers to missile boats and 7 submarines. MDL had also delivered cargo ships, passenger ships, supply vessels, multipurpose support vessel, water tankers, tugs, dredgers, fishing trawlers, barges & border out posts for various customers in India as well as abroad. MDL have also fabricated and delivered jackets, main decks of wellhead platforms, process platforms, jack-up rigs etc.
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