Shares of Mazagon Dock Shipbuilders rallied 3.38% to Rs 2,125.50 while those of ONGC advanced 2.07% to Rs 199.95 on the BSE.

The order entails part replacement of pipeline project (PRPP) on turnkey basis, laying approximately 44.4 kms of subsea pipelines in 19 segments, said the company.

The said order is expected to be completed by 15 May 2024.

Maharatna Oil and Natural Gas Corporation (ONGC) is the largest crude oil and natural gas company in India, contributing around 71% to Indian domestic production. It has in-house service capabilities in all areas of exploration and production of oil & gas and related oil-field services. The Government of India held 58.89% stake in ONGC as of September 2023.

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.