Shares of the state-run defence major Mazagon Dock Shipbuilders gained over 2 per cent in intra-day trade (December 23) to the day’s high price of Rs 4,838.70 apiece on the BSE. Nevertheless, the stock soon pared its early gains and traded flat with a negative bias.
At around the time of writing this copy, shares traded weak by 0.19 per cent or Rs 9.05 at Rs 4,716.5 even as the headline indices showed resilience, with the Nifty50 index up over 1 per cent or nearly 275 points.
The initial spurt in the scrip came amid news flow that the Navratna company has delivered the First Stealth Frigate of Project 17A Class Ship and the Fourth Stealth Destroyer of Project 15B Class Guided Missile Destroyer i.e. Yard 12707 (SURAT) to the Indian Navy on Friday.
Both the warships have been designed by the Indian Navy’s Warship Design Bureau, constructed by MDL and overseen by Warship Overseeing Team, Mumbai, added the company’s press release.
Nilgiri is the First of Class (FoC) ship of Project 17A. This ship features cutting edge advanced technology and is comparable to the finest ships of similar class anywhere in the world, it added.
This ship designed indigenously by the Indian Navy’s Warship Design Bureau incorporates the design concepts for improved survivability, sea keeping, stealth and ship manoeuvrability.
Surat on the other hand is the fourth ship of Project 15B and is a potent platform capable of undertaking a variety of tasks and missions, spanning the full spectrum of maritime warfare. It is armed with supersonic Surface-to-Surface ‘Brahmos’ missiles and ‘Barak-8 Medium Range Surface to Air Missiles.
Mazagon Dock Shipbuilders share price performance
On a year-to-date basis, the stock has delivered a return of 107 per cent, while its 1-year return is at 123 per cent.