Mazagon Dock shares gain 3.5 % on signing contract with Defence Ministry

The company has signed a contract with the acquisition wing of the Ministry of Defence for the construction and delivery of six Next-Generation Offshore Patrol Vessels (NGOPVs).

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Mazagon Dock Shipbuilders share price gained 3.5 percent in the opening trade on December 21 after the company signed a contract to construct six vessels to the Indian Coast Guards.

At 09:20 am, Mazagon Dock Shipbuilders was quoting at Rs 2,118.75, up Rs 72.50, or 3.54 percent, on the BSE.

The company has signed a contract with the acquisition wing of the Ministry of Defence for the construction and delivery of six Next-Generation Offshore Patrol Vessels (NGOPVs).

The first vessel will be delivered in 41 months from the date of release of advance payment by the Ministry of Defense and subsequent vessels at intervals of five months.

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On December 15, in a regulatory filing, the company said that it had signed the $42-million deal with an European client f0r construction of individual shipbuilding contracts for construction of three units of 7,500 DWT multi-purpose hybrid powered vessels.

The contract is valued at approximately $42 million.

On December 10, the shipbuilder received an order worth Rs 1,145 crore order from natural gas major ONGC for the Part Replacement of Pipeline Project (PRPP). This project calls for the installation of approximately 44.4 km of subsea pipelines divided into 19 segments.

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