Stock Market
Defence stock on fire! Mazagon Dock Shipbuilders Limited jumps 8% as massive Rs 99,000 crore deal nears approval
Mumbai/IBNS: Shares of Mazagon Dock Shipbuilders Limited surged 8 percent on Friday, extending gains from the previous session, media reports said.
The stock had climbed 9 percent in the earlier session, snapping losses recorded over the past three consecutive days.
Mazagon Dock saw the rally on Thursday after the company clarified in an exchange filing that it is set to secure an order worth approximately Rs. 99,000 crore.
The company said the CNC negotiations between the government and Mazagon Dock have been completed and the proposal has already been forwarded for approval from the competent authority, CNBC-TV18 reported.
Earlier, the company had indicated that the P75I submarine project order is likely to be finalised by the end of the current fiscal year.
Mazagon Dock’s order book stood at Rs. 23,758 crore as of the end of the December quarter.
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