Mazagon Dock Shipbuilders (MDL) advanced 2.20% to Rs 4,314.65 after the company announced the commencement of production activity for the first multipurpose cargo vessel (MPV) for Denmark's Navi Merchants.
In an exchange filing made after market hours yesterday, the company informed that it has signed a contract with Navi Merchants, Denmark, to design, build, and deliver a total of ten vessels, each with a capacity of 7500 deadweight tonnage (DWT).
Each vessel will feature a hybrid propulsion drive and would be capable of transporting a wide range of cargoes.
The project is valued at $86.05 million (approximately Rs 700 crore). The first vessel is scheduled for delivery in April 2026.
Mazagon Dock Shipbuilders is principally engaged in building and repairing of ships, submarines, various types of vessels and related engineering products for its customers.
The companys consolidated net profit zoomed 121.45% to Rs 696.10 crore in Q1 FY25 from Rs 314.34 crore reported in Q1 FY24.Revenue from operations grew by 8.48% to Rs 2,357.02 crore in Q1 FY25 as compared with Rs 2,172.76 crore recorded in the corresponding quarter previous year.
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