Stock Market Today: Mazagon Dock Shipbuilders share price gained 3% in the morning trades on Monday. The news reports suggest that negotiations for the ₹70,000 crore deal to buy six submarines are set to start with the government’s nod in place; the same has been adding to the investor sentiments.
Mazagon Dock Shipbuilders share price movement
Mazagon Dock Shipbuilders’ share price opened at ₹2795.05 on the BSE on Monday. At the time of opening, Mazagon Dock Shipbuilders’ share price was more than 3% higher compared to the previous day’s closing price of ₹2700. Mazagon Dock Shipbuilders’ share price, thereafter, gained momentum and touched an intraday high of ₹2798.15, which meant gains of more than 3.5%.
The gains of Mazagon Dock Shipbuilders’ share price are being propelled by positive news flow
The Defence Ministry and Mazagaon Dock Shipbuilders Ltd. have been given permission by the Centre to commence discussions for a ₹70,000 crore contract to buy six submarines manufactured in India with German backing under ‘Project 75 India,’ as per news reports.
In January, the Defense Ministry chose state-owned Mazagaon Dock Shipbuilders to build six submarines with air-independent propulsion systems, with German ThyssenKrupp Marine Systems as a partner.
“The project negotiations and process are expected to begin by the end of this month,” defence officials have told ANI.
