Mazagon Dock jumps 5% on high volumes, stock up 200% in a year

Shares of Mazagon Dock jumped more than 5 percent on February 28 morning amid high volumes even as the benchmark indices traded in the red.

At 11.24 am, 33 lakh shares of the company had changed hands on the BSE and the National Stock Exchange (NSE) combined, much higher than the one-week and one-month daily average trading volume of 2 lakh and 9 lakh shares.

At 11.43 am, the stock was trading at Rs 2,138, up 2.17 percent from the previous close.

In the last one year, the multibagger stock has risen over 200 percent, tripling investors’ money. In comparison, the benchmark Nifty gained 27 percent during this period.

In the week gone by, Mazagon Dock, which produces dredges, water tankers, cargo ships and multipurpose support vessels, announced a change in its management.

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“This is to inform that, Shri. Chandu Sambasiva Rao has been appointed as a Part-Time Non-Official (Independent) Director on the Board of the Company w.e.f. February 22, 2024,” it said in a BSE filing on February 23.

In the December quarter, the company reported a 77 percent on-year (YoY) rise in consolidated net profit at Rs 626.8 crore. Its revenue jumped 30 percent to Rs 2,362.5 crore. Its EBITDA soared 82 percent to Rs 539 crore during the quarter and the margin improved to 22.8 percent.

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