Mazagon Dock Surges 5% on Bagging Rs 1,145 Crore ONGC Order for Subsea Pipeline Project

11 Dec 2023 , 01:41 PM

Mazagon Dock Shipbuilders gains 5% as it secures a Rs 1,145-crore order from ONGC for the Part Replacement of Pipeline Project. The project involves installing approximately 44.4 km of subsea pipelines divided into 19 segments.

The order, received through a bidding process, must be executed by May 15, 2024.

Mazagon Dock shares trading 3.8% higher at Rs 2,118.90 on the NSE as of 1:26 pm on December 11, 2023.

The stock has surged over 170% year-to-date, outperforming the Nifty 50, with a market capitalization of Rs 43,044 crore. Mazagon Dock emerges as a top-performing defence and shipping stock, providing triple-digit returns in 2023.

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