Mazagon Dock Shipbuilders Shares Jump After INS Mahendragiri's Launch

Shares of Mazagon Dock Shipbuilders Ltd. rose the most in two weeks after it launched the Indian Navy's warship, Mahendragiri, in Mumbai on Friday.

Vice President Jagdeep Dhankhar was the chief guest at the launch ceremony. Named after a mountain peak in the Eastern Ghats of Odisha, this is the seventh ship of Project 17A frigates series and boasts enhanced stealth features, advanced weapons, sensors, and platform management systems, according to an official release.

Mazagon Dock's stock was trading 2.45% higher at Rs 1,894.3 apiece compared to a 0.64% advance in the benchmark NSE Nifty 50 as of 12:57 p.m. The stock rose as much as 4.59% to an intra-day high of Rs 1,933.90 apiece.

It has risen 139% on a year-to-date basis. The total traded volume stood at 1.3 times its 30-day average. The relative strength index was at 60.1.

Two out of the four analysts tracking Mazagon Dock maintain a 'buy' rating on the stock, one recommends 'hold' and another suggests 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 18.2%.