Categories: Trending now

Mazagon Dock Shipbuilders’ market cap crosses ₹1 lakh crore; stock up 20%

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.

News Today

Recent Posts

Kareena Kapoor’s Next Untitled Film With Meghna Gulzar Gets Prithviraj Sukumaran On Board

Kareena Kapoor is working with Raazi director Meghna Gulzar for her next film. The project,…

14 hours ago

Purdue basketball freshman Daniel Jacobsen injured vs Northern Kentucky

2024-11-09 15:00:03 WEST LAFAYETTE -- Daniel Jacobsen's second game in Purdue basketball's starting lineup lasted…

14 hours ago

Rashida Jones honors dad Quincy Jones with heartfelt tribute: ‘He was love’

2024-11-09 14:50:03 Rashida Jones is remembering her late father, famed music producer Quincy Jones, in…

14 hours ago

Nosferatu Screening at Apollo Theatre Shows Student Interest in Experimental Cinema – The Oberlin Review

2024-11-09 14:40:03 A silent German expressionist film about vampires accompanied by Radiohead’s music — what…

15 hours ago

What Are Adaptogens? Find Out How These 3 Herbs May Help You Tackle Stress Head-On

Let's face it - life can be downright stressful! With everything moving at breakneck speed,…

15 hours ago

The new Mac Mini takes a small step towards upgradeable storage

Apple’s redesigned Mac Mini M4 has ditched the previous M2 machine’s SSD that was soldered…

15 hours ago