Mazagon Dock up 7% as co to consider stock split, dividend on October 22

Mazagon Dock shares rise: Shares of shipbuilding company Mazagon Dock Shipbuilders soared up to 7.11 per cent to hit an intraday high of Rs 4,542 per share on Friday, October 18, 2024. 

The uptick in the share price came after the company announced that the board of directors will meet on October 22 to consider stock-split and declaration of interim dividend for the financial year 2024-25.

In an exchange filing, the company said, “We hereby intimate the Stock Exchanges that a meeting of the Board of Directors of Mazagon Dock Shipbuilders Limited is scheduled on Tuesday, 22 October 2024, inter alia, to consider Declaration of Interim Dividend for the financial year 2024-25 and Sub-division/ Split of Equity Shares of the company pursuant to the provisions of section 61(1)(d) of the Companies Act, 2013.”

 

  

Furthermore, the company has fixed October 30 as the ‘Record Date’ for the purpose of payment of Interim Dividend on Equity Shares for the Financial Year 2024- 25, if declared by the Board.  

Mazagon Dock Shipbuilders Limited (MDL), established in 1774 and based in Mumbai, 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.

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. Approximately 75 per cent of the company's content is dedicated to warship construction, leveraging indigenous materials to significantly cut costs.

MDL's headquarters is located in Mumbai, serving the Western Naval Command of the Indian Navy. 

The company operates several shipbuilding facilities, including the North Yard, South Yard, Nhava Yard, and Anik Yard, with a specialised Submarine Construction Yard at the East Yard. The Alcock Yard, situated above the North Yard, and additional land adjacent to the South Yard support various construction activities, including modular workshops for shipbuilding, cradle workshops for submarines, a Goliath Crane, and a Wet Basin.

The market capitalisation of Mazagon Dock Shipbuilders is Rs 91,184.05 crore, according to Bombay Stock Exchange (BSE). The company falls under the BSE500 category. 

At 11:19 AM, shares of Mazagon Dock Shipbuilders were trading 6.70 per cent higher at Rs 4,524.45 per share. In comparison, BSE Sensex was trading 0.22 per cent lower at 80,831.75 levels.