Mazagon Dock Shipbuilders hits record high on hopes of new order win

The Ministry of Defence is said to have cleared the procurement of three additional Scorpene or Kalvari class submarines ahead of the Prime Minister’s visit to France. The submarines will be constructed at the facility of Mazagon Dock Shipbuilders in collaboration with France-based Naval Group, as per reports.

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Shares of Mazagon Dock Shipbuilders surged 8 percent on July 11, hitting an all-time high at Rs 1565.80, as the company is expected to get new orders which will help increase the company’s depleting order book.

The Ministry of Defence is said to have cleared the procurement of three additional Scorpene or Kalvari class submarines ahead of the Prime Minister’s visit to France. The submarines will be constructed at the facility of Mazagon Dock Shipbuilders in collaboration with France-based Naval Group, as per reports.

The deal is expected to be signed with the Naval group during PM Modi’s visit on July 13- 14. The contract value for these three additional submarines is expected to be around Rs 20,000-22,000 crore.

At 9:36 am, shares of the company were trading 7.7 percent higher at Rs 1,555.9 on the BSE.

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This is a significant positive for Mazagon Dock Shipbuilders considering that the company’s submarine facility is currently involved with the construction of only one submarine as against the building capacity of 11 submarines, highlighted ICICI Securities.

The pending order backlog in P75 stood at Rs 4,255 crore only in the total backlog of Rs 38,755 crore as of March-end of 2023.

“Moreover, the follow-up project P-75 (India) is yet to be awarded and will take time, we believe that the contract for three additional submarines would help Mazagon Dock Shipbuilders in increasing its depleting order-book which declined from Rs 46,000 crore in FY22 to Rs 38,755 crore in FY23 end,” the domestic brokerage firm said.

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