Mazdock Enters The Elite ₹1 Lakh Cr Club, Now India's 81st Biggest Company

Mazagon Dock Shipbuilders‘ share price continued its strong bull run surging up over 20% to hit a new all-time high of ₹5,621.45.

What Happened: With this rally, the public sector company (PSU) stock’s market capitalisation has gone past the ₹1 lakh crore mark for the first time.

It becomes the first shipbuilding company in the country to achieve this milestone. This also puts it in the 81st position on the list of India’s biggest listed companies. Its valuation is now higher than several Nifty 50 companies such as Shriram Finance, Tata Consumer Products and Apollo Hospitals.

The company’s stock has rallied 25% in the past seven trading days, following its announcement on June 25 that it has secured “Navratna” status from the Department of Public Enterprises.

See Also: Tata Motors’ JLR Sees U.K. Sales Jump 5% In June, Shares Upbeat

The “Navratna” status, awarded to Mazdock on June 26, has been a significant catalyst for the company’s stock surge. This status, allows Mazdock greater operational autonomy and flexibility, including the ability to form joint ventures and establish subsidiaries abroad.

Antique Stock Broking in its June quarter earnings preview note said that it expects a 27% year-on-year jump in the combined sales of eight defence companies, including Mazdock.

Read Next: Dredging Corporation Secures ₹156.50 Cr Contract From Cochin Port Authority

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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