Mazagon Dock Shipbuilders experienced a robust surge of 5 percent on December 11 following the announcement of a significant order from ONGC (Oil and Natural Gas Corporation) valued at Rs 1,145 crore. The contract pertains to the Part Replacement of Pipeline Project (PRPP), involving the installation of approximately 44.4 km of subsea pipelines, segmented into 19 parts, as disclosed in a regulatory filing by the state-run shipbuilder.
Specializing in the production of dredges, water tankers, cargo ships, and multipurpose support vessels, Mazagon Dock secured this order through a competitive bidding process. The stipulated timeline for executing the order is by May 15, 2024.
As of 12:34 pm, the company’s shares sustained a positive momentum, trading 3.21% higher at ₹2,125.40. This surge signifies the market’s positive response to Mazagon Dock’s continued success in securing substantial contracts, contributing to its growth and market presence.
