January 25, 2024
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Mazagon Dock bags Rs.1,070 crore defence deal
On Wednesday, the ministry of defence signed a Rs. 1,070 crore deal with Mazagon Dock Shipbuilders Ltd for the procurement of the 14 fast patrol vessels for the Indian Coast Guard. The shares of Mazagon Dock Shipbuilders have surged by more than two per cent a day.
On the Bombay Stock Exchange (BSE), the Mazagon Dock shares had opened in green from the previous close of Rs.2,325. In the early trade, the shares were trading at Rs.2,421. The shares later jumped by 6.4 per cent to trade a day high of Rs.2,475. According to latest data at 12 pm, the shares were priced at Rs.2376.65. The market cap of the company stood at Rs.48,031 crore on the BSE.
The fast patrol vessels will be indigenously designed, developed and manufactured by the company and will be delivered in 63 months.
“The Ministry of Defence has signed a contract with MDL Mumbai on January 24 for acquisition of 14 Fast Patrol Vessels (FPVs) for the Indian Coast Guard. The value of the contract is Rs.1,070 crore,” the ministry said in a statement.
“Along with several high-tech advanced features and equipment, these FPVs will be equipped with multipurpose drones, wirelessly-controlled remote water rescue craft lifebuoy and AI capability,” it said.
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