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Shares of Mazagon Dock Shipbuilders have rallied 23% in three consecutive sessions. Mazagon Dock Shipbuilders on 30th June 2023, announced that it has signed a contract worth Rs 2724.63 crore with the Indian Navy for medium refit cum life certification (MRLC) of second Shishumar class submarine INS Shankush.
The stock was currently frozen at its record high level. The stock hit a 52-week low of Rs 254 on 15 July 2022.
The stock had outperformed the market over the past one month, advancing 54% as against Nifty's 4.75% rise.
The scrip had outperformed the market in past three months, soaring 130% as against Nifty's 9.72% increase.
The counter had also outperformed the market in past one year, jumping 505% as against Nifty's 19.92% surge.
On the technical front, the stock's daily RSI (relative strength index) stood at 84.39. 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 above its 50 day, 100-day and 200-day simple moving average (SMA) placed at 995.31, 850.48 and 794.82, respectively. These levels will act as crucial support zones in near term.
Mazagon Dock Shipbuilders is one of India's leading defence public sector undertaking shipyard under the Ministry of Defence. Its main activities are construction of warships and submarines.
The company's standalone net profit surged 119.4% to Rs 318 crore in Q4 FY23 as against Rs 144.92 crore posted in Q4 FY22. Revenue from operations jumped 48.9% year on year to Rs 2,078.59 crore in Q4 FY23 over Q4 FY22.
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