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MAZAGON DOCK SHARES SURGE ON RS 2,725 CRORE DEFENCE CONTRACT
The Business Guardian
|July 04, 2023
Shipbuilders’ shares soar on 52-week high after securing a Rs 2,725 Cr defence contract for the restoration of INS Shankush submarine
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Mazagon Dock Shipbuilders witnessed a significant surge in its shares during early trading on July 3, as the stock rose by nearly 8 per cent, reaching a new 52-week high of Rs 1,342. The surge was fueled by the company’s recent contract signing with the Ministry of Defence, valued at Rs 2,725. The contract pertains to the restoration of INS Shankush, a submarine belonging to the sub-surface killer (SSK) class. Mazagon Dock Shipbuilders is expected to deliver the refurbished submarine by 2026.
This story is from the July 04, 2023 edition of The Business Guardian.
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