Mazagon Dock Shipbuilders Secures ₹4,676 Cr Contract From ONGC

Mazagon Dock Shipbuilders has clinched a contract worth ₹4,676 crores from the Oil and Natural Gas Corporation (ONGC).

What Happened: The contract pertains to the fabrication and installation of Wellhead Platforms and Associated Pipeline Project (DSF-II) on an EPC reimbursable basis. “The contract is slated for execution by May 31, 2026

The company will release its June quarter results on August 14. Analysts at Antique Broking anticipate the company’s revenue to surge by around 56% year-on-year to ₹3,407 crore. Net profit is projected to more than double to ₹579 crore in the April-June quarter.

See Also: Bharat Dynamics Q1 Net Profit Tanks 82% To ₹7.21 Cr, Revenue Down 35%

Moreover, the exchanges had recently revised the price bands for several stocks, including Mazagon Dock Shipbuilders. The share price band of Mazdock was revised upward to 20% from the earlier 10%, indicating that the MDL share price cannot fluctuate more than 20% up or down within a single day.

Earlier last month, media reports suggested that the Defence Ministry is close to approving a major ₹70,000 crore order for warships for the Indian Navy. The main competitors for this contract are Mazagon Dock Shipbuilders and Garden Reach Shipbuilders.

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