Mazagon Dock shares surged by 4% amid reports of advanced talks to acquire additional Kalvari-class (Scorpene) submarines for the Indian Navy. The potential deal, worth ₹35,000 crore, aims to enhance India’s submarine fleet.
As of 1:15 PM, the shares were trading 2.56% higher at ₹3,993.75 on the NSE.
The three new submarines under discussion are expected to be larger and equipped with advanced electronics, offering greater strength and endurance than their predecessors, according to sources cited by ET.
Mazagon Dock Shipbuilders Limited, a government-owned PSU under the Ministry of Defence, is the designated shipyard for constructing naval vessels and submarines for the Indian Navy. The company produces a wide range of vessels, including cargo ships, offshore platforms, destroyers, frigates, corvettes, and submarines.
Mazagon Dock is India’s largest shipbuilder by revenue and order book. It is responsible for some of the Indian Navy’s most ambitious programs, including the Scorpene class submarines and the Visakhapatnam and Kolkata class destroyers.
