Shares of Mazagon Dock Shipbuilders rose over 3% on Monday after the company secured a massive contract with a European client.

What Happened: The shipbuilder announced that it had struck a deal to construct three units of 7,500 deadweight tonnage multipurpose hybrid-powered vessels for a European client. The contract is valued at around $42 million (₹350 crore).

On December 10, Mazagon Dock Shipbuilders had received a ₹1,145 crore order from ONGC for a part replacement of a pipeline project (PRPP). This project involves installing about 44.4 kilometres of subsea pipelines in 19 segments.

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As of September, the shipbuilding company’s order book stood at ₹37,500 crore. Sanjeev Singhal, Mazagon Dock Shipbuilders’ chairman and managing director, has said he anticipates a 12%-15% increase in the firm’s topline over FY2022-23.

He also mentioned that the company was exploring the export market, expecting positive developments in the next two months, providing a foothold in the export market segment.

Price Action: Mazdock’s share price was up 3.08% at ₹2,147.05 in early trade on Monday.

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