Mazagon Dock Shipbuilders Announces Leadership Change As Sanjeev Singhal Superannuates
Consequently, he has ceased to be a Director on the company’s board, according to an exchange filing.
Mazagon Dock Shipbuilders Ltd. on Friday announced that Sanjeev Singhal, Director (Finance) and the current holder of the Additional Charge of Chairman and Managing Director, has superannuated from the company’s services effective Feb. 28, 2025. Consequently, he has ceased to be a director on the company’s board, according to an exchange filing.
Following this development, the Ministry of Defence (MoD), through a letter dated Feb. 21, 2025, has approved the assignment of an additional charge of the post of Director (Finance) to Biju George, Director (Shipbuilding) of Mazagon Dock Shipbuilders.
His tenure in this role will commence from March 1, 2025, for a period of three months or until further orders or until the appointment of a regular incumbent, whichever occurs earlier, as per filing.
The company's net profit surged 30% in the third quarter of the financial year 2024-2025, thereby beating analysts' estimates. The state-run firm posted a consolidated bottom line of Rs 768 crore in the quarter ended Dec. 31, 2024, as compared to Rs 591 crore in the same period last year, according to an exchange filing.
Shares of Mazagon Dock Shipbuilders closed 1.38% higher at Rs 2,131.05 apiece, compared to a 1.86% decline at the benchmark NSE Nifty 50. It has risen 101.62% in the last 12 months.
Three out of the five analysts tracking the company have a 'buy' rating on the stock, one recommends a 'hold,' and one suggests a 'sell,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 3.7%.
