Shipbuilding stocks rally up to 11%; Mazagon, Garden Reach hit new highs

The defence shipbuilding segment continues to look promising on account of ambitious acquisition plan of Indian Navy and Indian Coast Guard.

Shares of shipbuilding & allied services companies continued their northward movement, surging up to 11 per cent on the BSE in Monday’s intra-day trade in an otherwise weak market on expectations of strong earnings on back of healthy order book position.

Garden Reach Shipbuilders & Engineers Limited (GRSE) (up 11 per cent to Rs 434.15) and Mazagon Dock Shipbuilders (MDL) (up 6 per cent to Rs 434.15) hit respective record highs on the BSE. Cochin Shipyard (CSL) hit a fresh 52-week high of Rs 549.10, rallied 5 per cent. The stock is inching towards its record high level of