Mazagon Dock soars on bargain buying

Mazagon Dock Shipbuilders surged 7.09% to Rs 4,604.90 on bargain hunting after declining for three trading sessions.

The stock dropped 13.95% in the past three trading sessions to end at Rs 4,300.10 on yesterday, from its recent closing high of Rs 4,997.10 recorded on 14 August 2024.

On the BSE, 6.40 lakh shares were traded in the counter so far compared with average daily volumes of 1.68 lakh shares in the past two weeks. The stock hit a high of Rs 4631.5 and a low of Rs 4107.25 so far during the day.

The stock hit a 52-week high of Rs 5,859.95 on 05 Jul 2024. The stock hit a 52-week low of Rs 1,742 on 26 October 2023.

 

The stock had underperformed the market over the past one month, down 19.27% compared with 0.37% fall in the Sensex.

The scrip had outperformed the market in past three months, advancing 47.74% as against Sensex's 9.26% jump.

The counter had outperformed the market in past one year, soaring 130.09% as against Sensex's 23.90% rise in Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 49.641. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading below its 50-day simple moving average (SMA) placed at 4,751.87, respectively. Such level will act as resistance in the near term.

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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