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Mazagon Dock soars after partnership with Russia's Zvezda for commercial ships

Capital Market 

Mazagon Dock Shipbuilders jumped 5.16% to Rs 253.75 after Prime Minister Narendra Modi said that the company will partner Russia's Zvezda for construction of commercial ships.

On the BSE, over 2.71 lakh shares of the company were traded in the counter so far as against an average trading volume of 0.38 lakh shares in the past two weeks.

On the NSE, over 31.06 lakh shares of Mazagon Dock changed hands in the counter as compared with an average trading volume of 19.83 lakh shares in the past three months.

Prime Minister Narendra Modi delivered a video-address during the plenary session of the 6th Eastern Economic Forum (EEF) held on 3 September 2021 in Vladivostok, Russia.

In his virtual address Modi said, "one of the India's biggest ship yards Mazagon Docks Limited will partner with 'Zvezda' for construction of some of the most important commercial ships in the world."

Zvezda is the largest shipyard in Russia, designed for the construction of all types of sea-going vessels and production platforms for operation in the Russian shelf.

Mazagon Dock Shipbuilders is one of India's leading defence public sector undertaking shipyard under the Ministry of Defence. Main activities are construction of warships and submarines with facilities situated at Mumbai and Nhava (under development). It has the capability to build warships, submarines, merchant ships upto 40,000 DWT since 1979. As of 30 June 2021, the Government of India held 84.83% stake held in Mazagon Dock Shipbuilders.

The company's consolidated net profit surged to Rs to Rs 101.60 crore in the quarter ended June 2021 as against Rs 14 crore during the previous quarter ended June 2020. Sales rose 216.26% YoY to Rs 1214.24 crore in Q1 FY22 over Q1 FY21.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, September 03 2021. 15:20 IST