Mazagon Dock Shipbuilders resumes downtrend

Mazagon Dock Shipbuilders slipped 1.39% to Rs 210, as the scrip resumed its decline after a day's pause.

The stock rose 2.13% to end at Rs 212.95 on the BSE on Friday.

In the past one month, the stock has fallen by 6.54% while the benchmark Sensex lost 0.42% during the same period.

In a regulatory filing after marker hours on Friday (26 March 2021), Mazagon Dock Shipbuilders said that its order book stood at Rs 50,705 crore as of 31 January 2021.

The company has also won order for repair of two Indian Coast Guard Fast Patrol vessels namely ICGS Achook and ICGS S B Phule. The repair order is worth around Rs 7 crore. Times lines for both vessels is 120 days (4 months).

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. As of 31 December 2020, the Government of India held 84.83% stake held in Mazagon Dock Shipbuilders.

The company 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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