Shares of Mazagon Dock Shipbuilders were trading slightly higher on Monday after the company won a massive order worth ₹1486.40 crore from ONGC.
What Happened: On Friday after market hours, the company said it won a contract for a pipeline replacement project. The contract will be executed on an engineering, procurement and construction reimbursable basis, the company said.
The contract is for a subsea pipeline replacement and it is expected to be completed by February 28, 2026, the company added.
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Earlier in August, Mazagon Dock had won another huge contract from ONGC worth ₹4,676 crore. This order was for the fabrication and installation of wellhead platforms and an associated pipeline project on an engineering, procurement and construction reimbursable basis.
Defence stocks like Mazagon have slightly regained their mojo after the correction from last month. These stocks have been buzzing after the Defence Acquisition Council (DAC) approved major procurements worth ₹1.44 lakh crore for the Indian Armed Forces. The move prompted brokerages to be optimistic about the sector.
Price Action: Shares of Mazagon Dock Shipbuilders were trading 0.15% high at ₹4,407.10 on Monday morning.
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