Shares of Mazagon Dock Shipbuilders were soaring at the bourses on Friday. The stock went up close to 10% to hit an intraday high of ₹4,649.95.

What Happened: The surge today comes after the company announced an upcoming board meeting to discuss two proposals. According to the company’s exchange filing on Thursday, the board of directors is scheduled to convene on Tuesday, October 22.

The first proposal is to consider the declaration of the interim dividend. The second proposal is about the potential sub-division or split of equity shares. The company has set Wednesday, October 30, as the record date for the interim dividend payment, subject to board approval.

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Shares of the shipbuilder have seen some recovery in the past few weeks. In the last 30 days, the stock has gone up around 11%. It still trades around 18% lower than its peak in July.

Earlier this month, Mazagon Dock secured a ₹121.67 Cr AI-based security project from the Maharashtra State Power Generation Company Limited (MAHAGENCO).

Moreover, the company’s latest shareholding data reveals a marginal increase in mutual fund holdings during the July-September quarter. Despite foreign institutional investors dumping shares, mutual funds now hold a 0.76% stake in the company, up from 0.68% at the end of June 2024.

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