 "Mazagon Dock Shipbuilders rises 6% on rumour clarification; Check details")
Mazagon Dock Shipbuilders shares gained 5.8 per cent on Thursday, logging an intraday high at Rs 2,423.4 per cent. The northward movement in the stock came after the company clarified that it is in preliminary talks with Jawaharlal Nehru Port Authority (JNPA) with regard to the Solar Cell Powered Boat built by Mazagon Dock Shipbuilders.
Around 11:45 AM, Mazagon Dock share price was up 2.61 per cent at Rs 2,423.4 per share on BSE. In comparison, the BSE Sensex was up 0.25 per cent at 76,599.26. The market capitalisation of the company stood at Rs 94,739.84 crore. The 52-week high of the stock was at Rs 2,929.98 per share and the 52-week low was at Rs 898.55 per share.
"We would like to clarify that, as of now, no such contract is signed between MDL and JNPA. However, discussion with JNPA is in the preliminary stage with regard to the Solar Cell Powered Boat built by MDL," the company's filing read.
The clarification came from rumours about a contract between Mazagon Dock Shipbuilders and JNPA regarding an Electric Water Taxi.
Recently, the defence ministry said on Monday it had signed a Rs 1,990 crore contract with Mazagon Dock Shipbuilders for technology that allows submarines to stay underwater for longer.
Mazagon Dock Shipbuilders is one of India's leading shipbuilding firms. Since 1960, the company has launched 801 vessels, including a diverse range of warships, submarines, cargo and passenger ships, and offshore platforms.
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MDL specialises in the defence sector, having constructed 802 vessels to date. This includes 28 warships, such as advanced destroyers and missile boats, as well as 7 submarines. The company's portfolio also includes Naval Platforms like Frigates, Destroyers, and Missile Boats, along with Merchant Ships and Oil Sector equipment such as Offshore Platforms and Jack-up rigs.
With an infrastructure capable of simultaneously handling 11 submarines and 10 warships, MDL has established a dedicated "Make in India" Department to focus on indigenisation.
In the past one year, Mazagon Dock Shipbuilders shares have gained 11 per cent against Sensex's rise of 8.5 per cent.