2024-07-05 03:45:02
Shares of Mazagon Dock Shipbuilders Ltd rose by as much as 20 per cent to ₹4,990 on Thursday, marking gains in seven of the last nine trading sessions. The market capitalisation of the Mazagon Dock Shipbuilders crossed the ₹1 lakh crore milestone on July 4.
The surge follows the company’s recent designation as a ‘Navratna’. The Department of Public Enterprises approved the proposal in a letter dated June 25.
The Union government awards Navratna status to public sector undertakings that possess Miniratna Category I status and consistently achieve outstanding performance ratings. This status permits a company to invest up to ₹1,000 crore or 15 per cent of its net worth in a single project. Additionally, it allows the company to enter joint ventures, form alliances, and establish overseas subsidiaries.
The share price of Mazagon Dock Shipbuilders more than doubled in 2024, posting gains of 115 per cent. Over the past 12 months, the stock has surged by more than 280 per cent.
Mazagon Dock made its stock market debut in October 2020 with an IPO price of ₹145 per share. Since then, the stock has skyrocketed by over 3,300 per cent in less than four years.
Mazagon Dock is a state-run shipbuilder, with the Government of India holding a majority stake. As of the March quarter, the government had an 84.8 per cent stake in the company, valued at over ₹85,000 crore.
While domestic mutual funds do not have a significant stake in Mazagon Dock, the company has approximately 375,000 small or retail shareholders as of the March quarter.
According to Bloomberg data, three out of four analysts covering Mazagon have a ‘buy’ rating on the stock, while one recommends ‘sell’. Despite the majority’s positive outlook, the average 12-month analyst price target suggests a potential downside of 82 per cent.
Kareena Kapoor is working with Raazi director Meghna Gulzar for her next film. The project,…
2024-11-09 15:00:03 WEST LAFAYETTE -- Daniel Jacobsen's second game in Purdue basketball's starting lineup lasted…
2024-11-09 14:50:03 Rashida Jones is remembering her late father, famed music producer Quincy Jones, in…
2024-11-09 14:40:03 A silent German expressionist film about vampires accompanied by Radiohead’s music — what…
Let's face it - life can be downright stressful! With everything moving at breakneck speed,…
Apple’s redesigned Mac Mini M4 has ditched the previous M2 machine’s SSD that was soldered…