Stocks of Mazagon Dock Shipbuilders Ltd. jumped nearly 5% on Thursday after it won an order worth Rs 1,614 crore from the Ministry of Defence.
The procurement contract is for six next-generation offshore patrol vessels for the Coast Guard. Four of them will replace the existing aging OPVs and two others will augment the fleet, the ministry has said in a statement.
The contract of the indigenously designed, developed and manufactured vessels is to be completed within 66 months, it said.
Mazagon's stock rose as much as 4.94% during the day to Rs 2,147.45 apiece on the NSE. It pared gains to trade 3.24% lower at Rs 2,112.50 apiece compared to a 0.14% decline in the benchmark Nifty 50 at 10:17 a.m.
The share price has risen 166.08% on a year-to-date basis. The total traded volume so far in the day stood at 4.6 times its 30-day average. The relative strength index was at 55.
Two out of the four analysts tracking Mazagon have a 'buy' rating on the stock, one recommends a 'hold' and another suggests 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 153.3%.
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