Mazagon Dock Inks Master Ship Repair Pact with US Government

Mazagon Dock Inks Master Ship Repair Pact with US Government

09 Sep, 2023

 

Mazagon Dock Inks Master Ship Repair Pact with US Government

 

Mazagon Dock Shipbuilders (MDL) saw a significant surge in its stock price, climbing 8 percent to reach a 52-week high of Rs 2,246.95 on September 8. The catalyst behind this impressive performance was the company's recent milestone – the signing of a master ship repair agreement (MSRA) with the US Government, represented by NAVSUP Fleet Logistics Center (FLC) Yokosuka. It's noteworthy that this is a non-financial agreement and marks a distinctive achievement, as only two shipyards in the nation, including MDL, have entered into such an agreement.

This MSRA holds substantial promise, as it paves the way for voyage repairs of US Navy Ships to be conducted at MDL facilities. Adding to the positive sentiment, MDL's financial performance for the quarter ending June 2023 exhibited a robust 40 percent YoY increase in consolidated net profit, totaling Rs 314.34 crore. However, revenue experienced a slight dip, falling by 3 percent to Rs 2,172.76 crore, and EBITDA followed suit with a 1 percent decrease, amounting to Rs 171.69 crore.

Following the stock's sharp ascent, it transitioned into consolidation mode, shaping a Flag chart pattern on the weekly scale. The recent breakout from this pattern signifies a bullish continuation pattern, hinting at a new upward trajectory from its current levels. According to Shrikant Chouhan of Kotak Securities, Rs 2,005 serves as a pivotal level for positional traders, determining the prevailing trend. Trading above this level will likely sustain the uptrend until Rs 2,230. Conversely, closing below Rs 2,005 may prompt traders to reconsider long positions.

 


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