Mazagon Dock shares in focus on MoU for greenfield shipyard, check details

Shares of Mazagon Dock Shipbuilders are in news today as the firm inked a Memorandum of Understanding with the Tamil Nadu government to develop a greenfield shipyard on the eastern coast.

In the previous session, the stock ended 1.18% lower at Rs 2939.90 on BSE. Mazagon Dock's market cap stood at Rs 1.18 lakh crore on BSE. Total 0.50 lakh shares of the firm changed hands amounting to a turnover of Rs 14.75 crore.

The MoU marks a collaborative initiative between central and state government entities for the expansion of shipbuilding infrastructure on the eastern seaboard. The details of the project, including its scale and timeline, have not been disclosed in the current announcement. MDL's strategic move demonstrates coordination between the Ministry of Defence and state authorities and is expected to take place at a newly identified site as part of the agreement, subject to further official notifications.

The ceremony was organised under the aegis of the Ministry of Ports, Shipping and Waterways (MoPSW) at Bhavnagar, Gujarat, and was attended by Sarbananda Sonowal, Union Minister of MoPSW, according to a press release from the Ministry of Defence.

The agreement was formalised on September 19 and signed by Biju George, Director (Shipbuilding), MDL, and Dr Darez Ahamed, Managing Director & CEO, Guidance Tamil Nadu.