Government The stock of Mazagon Dock Shipbuilders jumped nearly 12 percent during trading on Thursday. This has brought it to a fresh all-time high of Rs 4,585. At the time of market closing, it was at Rs 4415.20 with a gain of about 8.19 percent. With this rise, the market cap of the company has reached Rs 89,050 crore. This bumper jump in the stock has been seen after getting the status of Navratna company from the Finance Ministry. This government company of the defense sector has given multibagger returns in the last 1 to 3 years.
Navratna company got status
After the Finance Ministry gave it the status of a Navratna company, the shares of this major warship and submarine manufacturing company rose sharply for the second day today. Earlier in 2006, the Public Enterprises Ministry had given this company Mini Ratna-1 status. Mazagon Dock Shipbuilders is now the 21st Navratna PSU company of the country. It is the third such defense PSU and the first shipyard company. This company has a 47.21 percent stake in Goa Shipyard Limited, a PSU under the Defense Ministry.
The government holds 84.8 percent shares
The government is still the largest shareholder in Mazagon Dock. As of the March quarter, the government held 84.8 per cent of the company’s shares. Navratna status is given to PSEs based on a combination of key financial performance metrics, operational efficiency and greater autonomy.
1541% return in 3 years
In the last 3 years, the stock of Mazgaon Dock has climbed 1541 percent. It has registered a jump of 74 percent so far this year. At the same time, this stock has given a return of 215 percent in the last one year. Apart from this, this stock has given a return of 134 percent in the last 3 months. This stock has gained 39 percent in just one month.
Latest Business News