Shares of Mazagon Dock Shipbuilders jumped over 5% on October 18 after the company announced plans to discuss a stock split and interim dividend at its board meeting scheduled for October 22. The state-run defense firm’s stock surged to a day’s high of ₹4,460 on the NSE, and was trading at ₹4,430, up 4.54%, by mid-morning.
In an exchange filing, the company stated that the board would consider a potential interim dividend for the financial year 2024-25 and the sub-division of its equity shares, marking the first stock split in the company’s history. The current face value of each share is ₹10. The record date for the interim dividend, if declared, has been set for October 30, 2024.
Government of India holds an 84.83% stake in Mazagon Dock as of September quarter of 2024. The company, which designs and builds warships and submarines for the Ministry of Defence, had raised ₹443 crore through its public issue that opened on September 29 and October 1, 2020 with shares listing for the first time at ₹216.25.
Mazagon Dock has reported a sharp 121% yoy increase in consolidated net profit to ₹696 crore in the June quarter of 2024, mainly on account of higher income. The total income of the company surged nearly 10% to ₹ 2,628 crore and revenue from operations came in at ₹ 2,357 crore in the June quarter of 2024.
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Source: Moneycontrol
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