Rs 37,500 crore order book and FIIs increase stake: This multibagger shipbuilding company bags new order worth Rs 1,600 crore; gains over 900 per cent!
Shares of the company have gained more than 90 per cent in the last six months.
Mazagon Dock Shipbuilders Limited (MDL) has signed a contract with India's Ministry of Defence to build 6 next-gen offshore patrol vessels for the Coast Guard. The total value is around Rs 1600 crore and the first vessel will be delivered within 41 months, followed by others in 5-month intervals. This contract is exempt from certain disclosure requirements due to its classified nature. Importantly, MDL is a government company under MoD control and ICG, also under MoD, benefits from this contract.
Recently, Mazagon Dock Shipbuilders Limited (MDL) bagged a Rs 1,145 crore contract from ONGC for a subsea pipeline project in the Arabian Sea, set for completion by May 2024. Additionally, the company scored a USD 42 million deal with a European client for building 3 state-of-the-art hybrid cargo ships, deliveries starting in 27 months. Both contracts boost MDL's portfolio and showcase their expertise in diverse maritime projects.
Mazagon Dock Shipbuilders Limited (MDL), Mumbai, established in 1774, is a prominent shipyard in India. Initially a small dry dock, MDL has evolved into a renowned shipbuilding company. FIIs have also increased their stake in the company to 3.69 per cent in September 2023 respectively. The company has an order book of Rs 37,500 crore. The stock has also delivered multibagger returns of over 900 per cent in the last three years.
The stock has shown tremendous growth and investors should keep a close eye on this stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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