Mazagon Dock Shipbuilders Ltd (MDL) shares surged 4% after the company secured a significant order worth Rs 1,990 crore from the Ministry of Defence. The deal involves constructing and integrating an air-independent propulsion (AIP) plug for Indian submarines.
The Ministry also awarded an additional contract for integrating the Electronic Heavy Weight Torpedo (EHWT) onto Kalvari-Class submarines, with the total value of both agreements amounting to Rs 2,867 crore.
The contracts were signed in New Delhi on December 30, 2024, in the presence of Defence Secretary Rajesh Kumar Singh. This development further strengthens MDL’s position as a leading player in India’s shipbuilding and defence sector.
Investors reacted positively to the news, reflecting confidence in MDL’s growing order book and strategic importance in enhancing India’s naval capabilities.
As of 9:16 a.m., Mazagon Dock shares were trading 2.86% higher at Rs 2326.80 on the NSE.
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