Shares of Mazagon Dock Shipbuilders were optimistic on Monday morning, rising nearly 3% to an intraday high of ₹5,060.
What happened: The defense company announced on Friday evening that it had won a contract worth Rs 4,676 million from Oil and Natural Gas Company (ONGC) for the fabrication and installation of well platforms and an associated pipeline project (DSF-II) on a reimbursable basis for engineering, procurement and construction costs. The project is expected to be completed by May 31, 2026.
See also: HAL Q1 earnings preview: Revenue to rise 17% to Rs 4,593 Cr
The company will release its second quarter results on August 14. Analysts at Antique Broking forecast a significant 56% year-on-year increase in revenue to Rs 3,407 crore. Net profit is expected to more than double in the second quarter to reach Rs 579 crore.
According to media reports last month, the Ministry of Defence is close to approving a major order for warships for the Indian Navy worth Rs 70,000 crore. Mazagon Dock Shipbuilders and Garden Reach Shipbuilders are the main competitors for this contract.
Price promotion: Mazdock’s share price rose 2.53% to close at ₹5,042.20 on Monday’s market opening.
Read more: Voltas reports 158% jump in net profit to Rs 334 Cr in Q1
Disclaimer: This content was created in part with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Don’t miss anything on the stock market. Get real-time updates on the most important stock movements and trading ideas on Benzinga India Telegram Channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
