Mazagon Dock Shipbuilders Ltd Share Price – NSE  /  BSE

Ship Building, Mid Cap

The frontline indices rose sharply and hit the day's high in mid-morning trade. The Nifty scaled above the 23,800 level. Media shares advanced after declining in the past two trading sessions.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 354.33 points or 0.45% to 78,407.85. The Nifty 50 index added 88 points or 0.37% to 23,809.30.

The Sensex and Nifty clocked an all-time high of 78,413.73 and 23,807.75 respectively in morning trade.

In the broader market, the S&P BSE Mid-Cap index rose 0.03% and the S&P BSE Small-Cap index added 0.52%.

The market breadth was positive. On the BSE, 2,079 shares rose and 1,592 shares fell. A total of 149 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Vraj Iron and Steel received 57,00,960 for shares as against 61,38,462 shares on offer, according to stock exchange data at 11:20 IST on Wednesday (26 June 2024). The issue was subscribed 0.93 times.

The issue opened for bidding on Wednesday (26 June 2024) and it will close on Friday (28 June 2024). The price band of the IPO is fixed between Rs 195 to Rs 207 per share. An investor can bid for a minimum of 72 equity shares and in multiples thereof.

The initial public offer (IPO) of Allied Blenders and Distillers received 3,10,27,366 for shares as against 3,93,71,669 shares on offer, according to stock exchange data at 11:20 IST on Wednesday (26 June 2024). The issue was subscribed 0.79 times.

The issue opened for bidding on Tuesday (25 June 2024) and it will close on Thursday (27 June 2024). The price band of the IPO is fixed between Rs 267 to Rs 281 per share. An investor can bid for a minimum of 53 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Media index rose 0.68% to 2,005.00. The index declined 2.36% in the past two trading sessions.

PVR Inox (up 2.15%), Zee Entertainment Enterprises (up 1.12%), Sun TV Network (up 0.87%), Dish TV India (up 0.25%) edged higher.

On the other hand, Nazara Technologies (down 1.36%), Tips Industries (down 0.66%) and Hathway Cable & Datacom (down 0.27%) slipped.

Stocks in Spotlight:

Mazagon Dock Shipbuilders rallied 4.97% after the company was granted with ‘Navratna’ status on 25 June 2024.

Mahindra & Mahindra Financial Services shed 0.11% to Rs 305.60. The company announced that its chief financial officer (CFO), Vivek Karve has tendered his resignation to pursue personal, social and professional interests beyond a full-time employment.

Global Markets:

Asian stocks advanced today, mirroring the cautious sentiment on Wall Street. While cyclical sectors underperformed in the US, the tech-heavy Nasdaq surged on Tuesday.

In the US, investors awaited key inflation data due later this week, with some Federal Reserve officials acknowledging inflationary risks.

The US consumer confidence index dipped slightly to 100.4 from a downwardly revised 101.3 in May, reflecting a more cautious outlook on business conditions, jobs, and income. This could signal potential headwinds for consumer spending, a key driver of economic growth.

Market participants are closely watching the release of the personal consumption expenditures (PCE) price index on Friday. This data point, the Fed's preferred inflation gauge, will be crucial for assessing future monetary policy decisions.

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The shipbuilder informed that it has received ‘Navratna’ status from the Department of Public Enterprises (DPE), vide its letter dated 25 June 2024.

Mazagon Dock Shipbuilders is principally engaged in building and repairing of ships, submarines, various types of vessels and related engineering products for its customers.

The company’ consolidated net profit soared 102.97% to Rs 662.07 crore on 49.32% jump in revenue from operations to Rs 3,103.65 crore in Q4 FY24 over Q4 FY23.

The counter hit an all time high of Rs 4,269.75 in today’s intra-day session.

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Revenue from operations climbed 49.32% year on year (YoY) to Rs 3,103.65 crore in the quarter ended March 2024.

The firm reported profit before tax of Rs 848.64 crore in March 2024 quarter, registering a growth of 112.41% from Rs 399.53 crore posted in same period a year ago.

Total expenses spiked 37.74% to Rs 2,603.73 crore in Q4 FY24 over Q4 FY23. Cost of materials consumed was at Rs 1,727.56 crore (up 25.47% YoY), employees benefit expenses stood at Rs 225.71 crore (up 7.88% YoY), while procurement of base and depot spares was at Rs 370.61 crore (up 304.33% YoY) during the period under review.

EBITDA grew 106.87% to Rs 873 crore in Q4 FY24 as against Rs 422 crore in same period last year.

Operating margin climbed to 16.11% in Q4 FY24 from 9.06% posted in corresponding quarter previous fiscal.

On full year basis, the company's consolidated net profit jumped 73.09% to Rs 1,936.97 crore on 20.94% increase in revenue from operations to Rs 9,466.58 crore in FY24 over FY23.

The order book stood at Rs 38,561 crore as on 31 March 2024.

Meanwhile, the board recommended final dividend of Rs 12.11 per equity share for FY 2023-24, subject to the approval of the shareholders.

Mazagon Dock Shipbuilders is principally engaged in building and repairing of ships, submarines, various types of vessels and related engineering products for its customers.

The counter hit an all time high of Rs 3,400.35 in today’s intraday session.

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Mazagon Dock Shipbuilders announced that the Board of Directors of the Company at its meeting held on 29 May 2024, inter alia, have recommended the final dividend of Rs 12.11 per equity Share (i.e. 121.1%) , subject to the approval of the shareholders.

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