Shares of Mazagon Dock Shipbuilders were upbeat on Monday morning going up close to 3% to hit an intraday high of ₹5,060.

What Happened: The defence major on Friday evening announced securing a ₹4,676 crore contract from the Oil and Natural Gas Corporation (ONGC) for making and installing wellhead platforms and a related pipeline project (DSF-II) on an engineering, procurement and construction reimbursable basis. The project is scheduled for completion by May 31, 2026.

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The company is set to release its June quarter results on August 14, with analysts at Antique Broking forecasting a significant 56% year-on-year revenue increase to ₹3,407 crore. Net profit is expected to more than double to ₹579 crore for the June quarter.

Media reports from last month indicated that the Defence Ministry is nearing approval of a major ₹70,000 crore order for warships for the Indian Navy. Mazagon Dock Shipbuilders and Garden Reach Shipbuilders are the primary competitors for this contract.

Price Action: Mazdock’s share price was up 2.53% to trade at ₹5,042.20 as the markets opened on Monday.

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