Mazagon Dock corrects on profit selling

Mazagon Dock Shipbuilders dropped 4.15% to Rs 835 on profit selling after recent steep rally.

Shares of Mazagon Dock Shipbuilders surged 12.73% in the past five trading sessions.

On the BSE, 79,480 shares were traded in the counter so far compared with average daily volumes of 3.19 lakh shares in the past two weeks. The stock hit a high of Rs 873.85 and a low of Rs 827.8 so far during the day.

The stock hit a record high of Rs 887.9 on 17 November 2022. The stock hit a 52-week low of Rs 224 on 24 February 2022.

The stock outperformed the market over the past one month, rising 40.15% compared with 5.72% increase in the Sensex.

The scrip outperformed the market in past one quarter, soaring 171.85% as against Sensex's 2.47% gain.

The scrip had also outperformed the market in past one year, climbing 202.38% as against Sensex's 2.90% rise.

On the technical front, the stock's RSI (relative strength index) stood at 73.70. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 20-day, 50-day and 100-day simple moving average (SMA) placed at 738.21, 598.06 and 444.80, respectively.

Mazagon Dock Shipbuilders is one of India's leading defence public sector undertaking shipyard under the Ministry of Defence. Its main activities are construction of warships and submarines.

On a consolidated basis, Mazagon Dock Shipbuilders' net profit surged 121.24% to Rs 224.78 crore on 83.68% increase in net sales to Rs 2230.32 crore in Q1 June 2022 over Q1 June 2021.

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