Mazagon Dock Shipbuilders Stock: Shares of defense sector company Mazagon Dock Shipbuilders were seen rocketing on Wednesday amid turmoil in the stock market. On the third day of the week, the stock jumped 12% and hit a 52-week high. Share price during trading was Rs. 3,400.35 was reached. At the same time, the share was Rs. closed at 3358.20. The stock closed 10.58% higher than a day earlier.
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Company Quarterly Results
State-owned shipbuilding company – Mazagon Dock Shipbuilders Limited has announced its March quarter results. It reported a 50% growth in revenue during the March quarter compared to the same period last year. Mazagon Dock reported a revenue of ₹3,103 crore in the March quarter, as against ₹2,078.6 crore in the same period last year. Profit more than doubled to ₹ 663 crore during the period, as against ₹ 326 crore in the same quarter of the previous year. Ebitda rose to ₹525 crore during the quarter. Mazagon Dock’s EBITDA margin improved nearly 700 basis points to 17%.
Declaration of Dividend
Mazagon Dock has also declared a final dividend of ₹12.11 per share. This is in addition to the previously declared interim dividend of ₹15.34 per share in FY2024. It is now subject to the approval of the shareholders at the next Annual General Meeting. Dividend will be remitted within 30 days of the AGM upon approval of the shareholders.
Let us tell you that the government has 84.8% stake in Mazgaon Dock till March quarter. The government is the largest shareholder in the company. While retail shareholders with capital up to ₹ 2 lakh hold 9.29% stake in the company.
Crash in the stock market
There was a big fall in the stock market on Wednesday. The Sensex closed down 667.55 points at 74,502.90. At the same time, the Nifty was down 183.45 points at 22,704.70 points.