06 Nov , 2024 By : Debdeep Gupta
Mazagon Dock's share price jumped 3 percent in morning trade on November 6 after the state-run company reported strong September quarter results.
The defense company reported a rise of 76 percent in its net profit on-year to Rs 585 crore in the second quarter of the current fiscal. The revenue of the company grew 51 percent in the quarter under review to Rs 2,757 crore from a year-ago period.
Mazagon Dock stock witnessed a sharp uptick in Wednesday's trade with the counter jumping 3.10 percent to quote the day's high of Rs 4,327.95 per share on the NSE. At around 10 am, the stock was trading at Rs 4,283 apiece on the NSE.
The EBITDA for the quarter increased to Rs 510 crore from Rs 176 crore during the same period last year.
This year so far, the shares have delivered 86.16 percent returns to its shareholders, according to BSE Analytics. It outperformed the benchmark Sensex which moved 10.76 percent higher.
Earlier in October, the company approved a stock split in the ratio 1:2. The current face value of each stock of the state-run defense company is Rs 10. After the stock split, the new face value of each stock of the company will be Rs 5. This is the first stock split in the history of the state-owned company.
The government of India holds an 84.83 percent stake in the state-run Mazagon Dock as of the September 2024 quarter. The company is engaged in the construction and repair of warships and submarines for the Ministry of Defence.
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