Mazagon Dock Declares Second Interim Dividend

Mazagon Dock Shipbuilders Ltd.'s board approved second interim dividend of Rs 3 per share with a face value of Rs 5 apiece, in a board meeting on Tuesday.

The record date to determine the eligibility of shareholders is April 16. The payment of second interim dividend shall be completed on or before May 7, according to an exchange filing.

The board of the company also approved appointment of Ruchir Agrawal, director (finance) as chief operating officer.

Earlier, it declared an interim dividend of Rs 23.19 per share, with a record date of Oct. 30, 2024. The company had also paid a final dividend of Rs 12.11 per share on Sept. 19, 2024, for the previous financial year.

Earlier on Friday, the government confirmed that it would exercise the oversubscription option in its offer for sale of Mazagon Dock Shipbuilders Ltd., increasing the overall offer size to 4.01%. This includes an additional 47.69 lakh shares, or 1.18% stake, over and above the base offer of 1.14 crore shares (2.83% stake). 

Shares of Mazagon Dock rose as much as 5.62% to Rs 2,447.55 apiece. It pared gains to trade 2.47% higher at Rs 2,374.05 apiece, compared to a 1.95% advance at the NSE Nifty 50 as of 2:40 p.m.

The stock has risen 111.33% in the last 12 months and 6.61% on a year-to-date basis. The total traded volume so far in the day stood at 3.68 times its 30-day average. The relative strength index was at 42.67.

Four out of six analysts tracking the PSU stock have a 'buy' rating on it, one recommends a 'hold' and one suggests a 'sell', according to Bloomberg data. The 12-month analysts' consensus target price on the stock is Rs 2,369.42, implying an upside of 0.4%.