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You are at:Home » Mazagon Dock stock rises nearly 6% as Ministry of Defense advances submarine program
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Mazagon Dock stock rises nearly 6% as Ministry of Defense advances submarine program

Adnan MaharBy Adnan MaharJanuary 23, 2025No Comments3 Mins Read0 Views
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Mazagon Dock Shipbuilders (MDL) share price rose 5.9% in today’s trade to hit an intraday high of Rs 2,423.4 after the Ministry of Defense (MoD) cleared the company to move to the next stage. was recorded. About bidding on a multi-billion dollar submarine project.

The Ministry of Defense is moving ahead with a multibillion-dollar program to build the next generation of conventional submarines in India, and MDL has passed technical trials to qualify and move on to the next stage of technical and commercial negotiations.

ET previously reported that the bid by MDL in partnership with Germany’s Thyssenkrupp Marine Systems (TKMS) was given the go-ahead by a technical monitoring committee that investigated the bidding process and trials conducted last year.

Meanwhile, a tweet posted by news agency ANI said that the bid submitted by Larsen & Toubro (L&T) for the project was rejected by the Defense Ministry as it was deemed non-conforming.

The Ministry of Defense signed an agreement with Mazagon Dock Shipyard (MDL), Mumbai, on January 24, 2024, for the acquisition of 14 Fast Patrol Vessels (FPV) for the Indian Coast Guard (ICG). The value of the contract is 1070.47 rupees. CR: Minister of Defense Office pic.twitter.com/wzO76bqQnL

— ANI (@ANI) January 24, 2024

Following the update, L&T shares fell 1.6 per cent to the day’s low of Rs 3,460.05 on the BSE.

As per the procurement process, the next stage will be to open commercial bids submitted by MDL. After passing the proposal, a detailed discussion on technical aspects and commercial terms will be held before the estimated Rs 43,000-crore proposal is moved to the competent authority for approval.

Additionally, the Navy had communicated that the latter product had several shortcomings after a series of tests on the requirements for a sea-proven air-independent propulsion system.

Also read: Zensar Technologies stock surges nearly 10% after third-quarter results

Given the large scale of the project, six submarines will need to be built in India with a high degree of technology transfer, and the first new submarine is expected to enter service almost seven years after the contract is signed. A key feature the new submarine brings is the AIP system, which allows the submarine to remain underwater for up to two weeks, significantly increasing stealth.

Mazagon Dock stock price analysis

Mazagon Dock’s stock price has increased by 106.18% in the past year, while it has decreased by 6.75% in the past 6 months. In the short term, the price has increased by 12.52% in 3 months, 0.97% in 1 month, and 5.14% since the beginning of the year.

(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. They do not represent the views of Economic Times)





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Adnan Mahar
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Adnan is a passionate doctor from Pakistan with a keen interest in exploring the world of politics, sports, and international affairs. As an avid reader and lifelong learner, he is deeply committed to sharing insights, perspectives, and thought-provoking ideas. His journey combines a love for knowledge with an analytical approach to current events, aiming to inspire meaningful conversations and broaden understanding across a wide range of topics.

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