Mazagon Dock Shipbuilders Ltd. saw its shares jump by over 3% on November 6 after the company reported impressive financial results for Q2. The state-owned defense firm posted a 76% increase in net profit, reaching Rs 585 crore for the quarter ending in September, while revenue surged by 51% year-on-year to Rs 2,757 crore.
The stock reacted positively to the results, with Mazagon Dock shares trading at a high of Rs 4,327.95 on the NSE in morning trade. As of 10 am, the shares were priced at Rs 4,283 each. The company’s EBITDA also showed significant growth, rising to Rs 510 crore compared to Rs 176 crore in the same quarter last year.
Mazagon Dock has been a strong performer this year, delivering a return of 86.16% for shareholders, as per BSE Analytics, far outperforming the Sensex, which rose by 10.76% in the same period.
In October, the board of Mazagon Dock had approved a stock split in the ratio of 1:2. This would mean every share of face value of Rs 10 will be split into two shares with face value of Rs 5 each, according to the first stock split by the defense firm. The spilt will make the shares more affordable and may attract a broader range of investors.
Government of India owns an 84.83% stake in Mazagon Dock of the total shares outstanding as at the most recent quarter. Mazagon Dock is primarily a warship builder and repairer and also plays a key role in supporting the Ministry of Defence.
Do you have a news tip for Lakshmishree reporters? Please email us at media@lakshmishree.com
Source: Moneycontrol
News Desk
