Mazagaon Docks is up and about today, doing pretty well. From its close of Rs.2700.65, it opened higher by almost Rs.100 and rose over 3.5% to hit an intraday high at Rs.2798.15. Its 52-week stands at Rs.3778.

This surge is following official confirmation that the Ministry of Defence has authorised the company to open cost negotiations with Germany’s Thyssenkrupp Marine Systems for building six submarines under the Rs 70,000-crore P-75(I) programme.

This is a welcome move as it could give a significant boost to MDL’s order book and long-term revenue from one of India’s largest naval defence initiatives. Approval to enter cost negotiations with Thyssenkrupp strengthens the company’s position in the P-75(I) programme and signals long-term growth potential.

Mazagon Dock is expected to provide further updates as the negotiations progress.