Defence PSU company Mazagon Dock Limited (NSE: MAZDOCK) gave good news for investors after market hours on Tuesday, June 25. The company informed the stock exchange that it has got Navratna Status from the department of public enterprise (DPE). The news came after the market hours due to which share price jumped in today’s trading session.
Let us tell you that, Mazagon Dock ShipBuilders have given more than 236% in the last 1 year. In the last one month, it has surged 36% and given impressive returns to shareholders.
The company earlier posted strong profit for the FY24 ended on March 31. Net profit of company rose 101% to Rs 662.97 crores.
What’s the Story?
Mazagon Dock Limited has been given Navratna Status. With this Mazagon Dock became the 18th PSU to get such status. Before this, Companies like RVNL, IREDA, IRCON, HAL, NMDC have also got Navratna Status.
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After this news, the share price hit a new record 52-week high in today’s trading session. The shares of Mazagon Dock touched the level of Rs 4,271.20 on wednesday, June 26.
What’s the Benefit of Being a Navaratna Company?
Being a Navratna company, it can invest upto Rs 1,000 crore even without the approval of central government. These companies are also allowed invest 30% of their total assets in a year but the total worth must be within Rs 1,000 crore. In addition, these companies will be able to form alliance and joint ventures etc.
Mazagon Dock Price Target
A renowned market expert from stoxbox has recommended to Buy the shares with a target price of Rs 4,560. According to him, the share is showing positive signs and a bullish trend currently. Soon it can reach this level because of the demand of the stock. He also suggested a stop loss at Rs 3,209.
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