Mazagon Dock signs master ship repair agreement with US govt; shares hit 52-week high

Rs 2,005 would be the trend decider level for the stock and trading above the same uptrend formation will continue till Rs 2,230, say experts.

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Mazagon Dock Shipbuilders (MDL) shares were up 8 percent to touch a 52-week high of Rs 2,246.95 in the early trade on September 8 after the company signed a master ship repair agreement (MSRA) with the US Government, represented by NAVSUP Fleet Logistics Center (FLC) Yokosuka. This is a non-financial agreement and there are only two shipyards in the country, including the company who have signed MSRA. The agreement is expected to open-up voyage repairs of US Navy Ships at MDL.

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The financials

The company in the quarter ended June 2023 reported a 40 percent YoY jump in consolidated net profit at Rs 314.34 crore, while revenue fell 3 percent to Rs 2,172.76 crore and EBITDA was down 1 percent at Rs 171.69 crore.

After the sharp upward rally, the stock went into the consolidation mode, which resulted in the formation of a Flag chart pattern on the weekly scale. The recent breakout in the stock represents a bullish continuation pattern, which signifies a new leg of up move from the current levels, said Shrikant Chouhan of Kotak Securities.

For positional traders, Rs 2,005 would be the trend decider level. Trading above the same uptrend formation will continue till Rs 2,230. However, if it closes below Rs 2,005 traders may prefer to exit from trading long positions, he added.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.