Mazdock's Shares Rocket 7% To New All-Time High After Getting 'Navratna' Status

Mazdock‘s share price surged on Wednesday morning going up over 7% to hit a new all-time high of ₹4,271.20.

What Happened: Defence major Mazagon Dock Shipbuilders announced on Tuesday evening that the government had granted it “Navratna” status. In an exchange filing, the company stated, “The Department of Public Enterprises (DPE) has approved the proposal for the grant of Navratna status to Mazagon Dock Shipbuilders Limited.”

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The Indian government grants Navratna status to premier public sector undertakings (PSUs), empowering them to execute investments of up to ₹1,000 crore without requiring approval from the central authority. These firms are permitted to invest up to 30% of their net worth annually, provided it remains under ₹1,000 crore. Additionally, they have the option to participate in joint ventures, forge partnerships, and set up overseas subsidiaries.

The state-run ship manufacturer reported a revenue growth of 50% for the March quarter compared to the same period last year. The company achieved a revenue of ₹3,103.6 crore, up from ₹2,078.6 crore in the corresponding period of the previous year. The net profit for the period more than doubled to ₹663 crore, compared to ₹326 crore in the year-ago quarter.

Price Action: Mazdock’s share price was up 5.18% to trade at ₹4,179.75 as the markets opened on Wednesday.

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