Why Mazagon Dock Shipbuilders' Share Price Is Up Today

Shares of Mazagon Dock Shipbuilders were climbing on Thursday after the government-owned shipyard operator and naval vessel maker won a large contract from the defence ministry.

What Happened: Mazagon Dock secured a significant ₹1,600-crore contract with the Ministry of Defence’s acquisition wing, the company said in a press release on Wednesday.

The contract involves the construction and delivery of six next-generation offshore patrol vessels (NGOPVs) for the Indian Coast Guard.

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According to the agreement, Mazagon Dock will design, construct, and deliver the vessels, with the first one scheduled within 41 months of the advance payment release, followed by subsequent deliveries at intervals of five months.

Price Action: Mazdock’s share price was up 3.03% at ₹2,108.15 at the start of trade on Thursday. The stock has gained nearly 6% this month and nearly 170% so far this year.

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