Buy Mazagon Dock Shipbuilders, target price Rs 4,965: Axis Securities
Axis Securities has a buy call on Mazagon Dock Shipbuilders with a target price of Rs 4,965. The current market price of Mazagon Dock Shipbuilders is Rs 4484.85 The time period given by the analyst is 3-4 weeks when Mazagon Dock Shipbuilders Ltd. price can reach defined target. Mazagon Dock Shipbuilders, incorporated in 1934, is a Small Cap company with a market cap of Rs 89530.19 crore) operating in the Defence sector.
Mazagon Dock Shipbuilders' key Products/Revenue Segments include Contract Revenue, Sale of Products, Other Operating Revenue, Ship Repairs and Scrap for the year ending 31-Mar-2024.
Financials For the quarter ended 30-09-2024, the company has reported a Consolidated Total Income of Rs 3011.11 crore, up 14.58 % from last quarter Total Income of Rs 2628.02 crore and up 44.82 % from last year same quarter Total Income of Rs 2079.18 crore. The company has reported net profit after tax of Rs 552.76 crore in the latest quarter.
Investment Rationale
Mazagon Dock Shipbuilders is a momentum pick for Axis Securities. On the daily chart, Mazagon Dock has broken above the Descending Triangle pattern at 4340, signaling a continuation of the medium-term uptrend. The increased volume activity at the breakout level indicates a significant influx of market participants, reinforcing the validity of the breakout. The stock found support at the 50% Fibonacci retracement of the rally from 1795 to 5830, positioned at 3830, confirming a medium-term support base. The daily Relative Strength Index (RSI) is sustaining above
