Mazagon Dock Shipbuilders has extended the position of its chairman and managing director, the company said in a press filing on Thursday.

What Happened: Sanjeev Singhal‘s tenure as the firm's chairman and managing director has been further entered by another month from August 1, Mazdock said. Singhal was entrusted with the additional change in February 2023 and has been in the chair ever since. He also serves as the company’s director of finance.

Singhal has been associated with the firm since 2020. He has over 37 years of experience in finance and accounting and holds a Bachelor’s degree in commerce from the University of Delhi.

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Mazdock shares nosedived as defence stocks bled in red during the budget announcement earlier this month. No major announcements were made for the sector, dashing hopes of higher allocations. 

The company has also been reportedly vying for a major contract from the defence ministry. Mazagon Dock Shipbuilders and Garden Reach Shipbuilders were the frontrunners for a ₹70,000 crore order for warships for the Indian Navy, The Economic Times reported earlier in July.

Price Action: Mazdock shares closed 2.43% lower at ₹5,116 on Thursday.

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