Mazagon Dock Shipbuilders Ltd. on Thursday confirmed that its commercial bid for a major submarine contract is under review by the Ministry of Defence.
"MDL confirms that the commercial bid submitted by MDL has been opened by the Ministry of Defence for further processing," the company said in an exchange filing, referring to the 'Project 75I' programme of the Indian Navy to acquire six diesel-electric submarines.
The Mumbai-based shipbuilder also said the commercial negotiations on the P75 (Additional Submarine) project for three more submarines "are in process".
The company dropped the clarification responding to news reports that suggested MDL along with its German partner ThyssenKrupp Marine Systems would be the only vendor left in the race to win the tender after the Ministry of Defence rejected Larsen & Toubro Ltd.'s bid due to non-compliance. L&T shares took a hit.
Mazagon Dock Share Price Up
Mazagon Dock Shipbuilders was trading 1.6% higher at Rs 2,323.95 apiece as of 2:45 p.m., as compared to 0.34% advance in the NSE Nifty 50.
The stock gained 104% in 12 months. The relative strength index was at 52.
Out of five analysts tracking the company, two maintain a 'buy' rating, two recommend a 'hold' and one suggests 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target of Rs 2,694 implies an upside of 16%.
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