Mazagon Dock Shipbuilders: This defence PSU stock is trading 1900% above its IPO price; what lies ahead?
Mazagon Dock Shipbuilders has excelled, with a stellar return of over 277% in the past year. The company is one of India's leading defence public-sector undertaking shipyards under the Ministry of Defence (MoD). It is principally engaged in building and repairing ships, submarines, various types of vessels, and related engineering products for its customers.
Also Read: Defence modernization, indigenization programme to propel HAL Since its inception in 1934, the company has delivered 802 vessels and built 28 warships and 7 submarines, as per the Q3FY24 earnings report. Over the past three years, the company's shares have surged by 1282%. The shares are now trading 1900% above their issue price of ₹145 per share in October 2020.
It took the stock nearly 34 months to surpass the ₹1,000 mark after its listing. Subsequently, it took only four months to cross the ₹2,000 mark in September 2023, continuing its momentum to reach a new all-time high of ₹2,977 per share in the previous trading session, nearing the ₹3,000 level. Also Read: Bharat Electronics stock climbs over 9% to record high on stellar Q4 earnings As of the end of the December quarter, the company boasts an impressive order book totaling ₹38,389 crore, providing strong revenue visibility, according to the company's Q3 investor presentation.
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