Mazagon Dock Shipbuilders shares gain 4%—here is what's keeping investors keen

Mazagon Dock Shipbuilders share price: Mazagon Dock Shipbuilders shares on Friday, March 22, gained a day after the PSU defence company accepted Mumbai Port Authority's offer for the allotment of land and buildings (workshop land and Clark Basin), measuring 14.55 acres. The total allotment cost is around Rs 354 crore.

Snapping the two-day fall, the PSU defence stock rose as much as 3.75 per cent to the day's high of Rs 1,948.95 on NSE in early morning deals.

Post market hours on Thursday, Mazagon Dock Shipbuilders, in a statement, said, "We hereby inform that the Board of Mazagon Dock Shipbuilders Ltd. (MDL), in the Board Meeting held on 20.03.2024, has accepted the offer of Mumbai Port Authority (MbPA) for the allotment of land and building (Workshop land and Clark Basin), measuring 14.55 Acres, adjacent to MDL Mumbai Yard on long term lease basis to MDL for 29 years w.e.f. 01.04.2024 to 31.03.2053. The total allotment cost\ is Rs. 354 Crores (Approx.) which include Upfront Lease Premium, Cost of Buildings and Structures, GST, Stamp Duty and Registration Charges. The payment of the allotment cost will be paid to MbPA in due course."  

Mazagon Dock Shipbuilders share price history

The multi-bagger PSU Defence stock has offered investors a return of over 180 per cent in the last 1-year. The company has a market capitalisation of Rs 38,284.8 crore, as per NSE.

What does Mazagon Dock Shipbuilders do?

Mazagon Dock Shipbuilders is a shipbuilding yard in Mumbai. The history of the firm dates back to 1774, when a small dry dock was constructed in Mazagon. Over the years, Mazagon Dock has established a tradition of skilled and resourceful service to the shipping world in general and the Indian Navy and Coast Guard. Mazagon Dock was incorporated as a Private Limited Company in 1934, according to the company's official website.

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