Mazagon Dock gains on delivering third Scorpene class submarine

Mazagon Dock Shipbuilders (MDL) rose 2.84% to Rs 222.90 after the company said it delivered the third Scorpene submarine of Project P-75 to the Indian Navy on 15 February 2021.

The submarine would subsequently be commissioned into Indian Navy as INS Karanj, the company said in a BSE filing made after market hours on Monday.

With the delivery of Karanj, the company maintained its reputation as one of the India's leading shipyards with capacity and capability to meet requirements and aspirations of the Indian Navy in all dimensions. The delivery of three Submarines namely, Khanderi, Kalvari and now Karanj, reaffirmed India's membership in the exclusive group of submarine building nations.

The fourth submarine Vela, launched on 6 May 2019, has commenced her sea trials. The fifth submarine Vagir, launched on 12 November 2020, has commenced her harbour sea trials and the sixth submarine is presently in the advance stage of outfitting.

Mazagon Dock Shipbuilders, a public sector undertaking under the Ministry of Defence (MoD), is engaged in the construction and repair of warships and submarines for use by the Indian Navy and other vessels for commercial clients. The company was conferred with the 'Mini-ratna-I' status in 2006 by the Department of Public Enterprises.

The defense PSU reported 32.3% fall in consolidated net profit to Rs 141.37 crore on 19.3% decline in net sales to Rs 1461.09 crore in Q3 FY21 over Q3 FY20.

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