Mazagon Dock Share Price Surges 10% Ahead Of Dividend Record Date

Share price of state-owned 'Navratna' Mazagon Dock Shipbuilders Ltd. spiked in trade around midday on Tuesday.

This spike can be attributed to an accumulation of shares ahead of the day before the company's record date for its interim dividend to be eligible for the upcoming payout. Shares of the company were trading over 9% higher as of 11:52 a.m.

The record date to determine investor eligibility for the dividend worth Rs 3 has been fixed as April 16. Under India's T+1 settlement cycle, shares purchased on the record date itself will not qualify for the dividend payment.

Hexaware Technologies, an information technology services company, also has an interim dividend planned for this week.

The ex-date is April 15, and the interim dividend amount is Rs 5.75 apiece, with the record date marked as April 15.

The scrip rose as much as 9.6% to Rs 2,666 apiece, the highest level since April 3. It pared gains to trade 9.28% higher at Rs 2,658 apiece, as of 11:56 a.m. This compares to a 2.11% advance in the NSE Nifty 50 Index.

It has risen 136.77% on a year-to-date basis and 147.84% in the last 12 months. Total traded volume so far in the day stood at 2.1 times its 30-day average. The relative strength index was at 59.40.

Out of six analysts tracking the company, four maintain a 'buy' rating, one recommends a 'hold', and one suggests 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 9.6%.