Shares of Mazagon Dock Shipbuilders Ltd. rose on Monday after the company signed a contract with the Indian Navy.
On Friday, the shipyard signed a contract worth Rs 2,724.6 crore for the medium re-fit cum life certification of the second Shishumar class submarine, INS Shankush, which will extend the vessel's life.
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Shares of the company rose as much as 7.67% intraday, before paring gains to trade at 5.83% high as of 9:54 a.m. This compares to a 0.70% rise in the NSE Nifty 50.
The total traded volume so far in the day stood at 2.1 times its 30-day average. The relative strength index was at 74.22, implying that the stock is overbought.
Of the four analysts tracking the company, two maintain a 'buy' rating, one recommends a 'hold', and one suggests a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 18.3%.
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