Mazagon Dock shares to turn ex-dividend on Sept 20; surged 174% since final dividend announcement

Shares of multibagger Mazagon Dock Shipbuilders Ltd will turn ex-dividend on September 20, (Wednesday). Mazagon Dock had declared a final dividend of Rs 6.86 per share on May 30 this year when the state-owned firm announced its earnings for the quarter ended March 2023. The dividend was in addition to the interim dividend of Rs 9.10 per equity share paid earlier for FY 2022-23.  

Since the final dividend was announced, the stock has surged 174% or Rs 1394.55 on BSE. The defence stock ended at Rs 801.45 on May 30, 2023.  

In the previous session, the stock closed 3.11% lower at Rs 2196.55 on BSE. 

The stock slipped 3.84% to an intraday low of Rs 2180 on Monday. Total 1.87 lakh shares of the firm changed hands amounting to a turnover of Rs 42.29 crore. Market cap of Mazagon Dock fell to Rs 44,302 crore on BSE. Mazagon Dock shares have a one-year beta of 2, indicating very high volatility during the period.  

In the June quarter, Mazagon Dock reported a 40% year-on-year rise in its consolidated net profit to Rs 314 crore from Rs 224.8 crore in the corresponding quarter of the last fiscal. Revenue from operations fell 2.6% year-on-year to Rs 2172.8 crore in Q1 from Rs 2230 crore during Q1FY23.  

In terms of technicals, the relative strength index (RSI) of Mazagon Dock stands at 61.7, signaling it's trading neither in the overbought nor in the oversold zone. Mazagon Dock stock stands higher than the 20 day, 50 day, 100 day and 200 day but lower than the 5 day and 10 day moving averages.    

About the company  

Mazagon Dock Shipbuilders Ltd (MDS) is a shipbuilding and offshore fabrication yard. The company's major activities include shipbuilding, ship repairs and fabrication of offshore structures. It provides warships, merchant ships, submarines, support vessels, offshore platforms, passenger cum cargo vessels, trawlers, main and helidecks and barges.   

 

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