Defense Stock, Mazagon Dock shares hits over 3% as PM Modi announces commission in indigenous warships

Shares of state-owned Mazagon Dock Shipbuilders Limited rose by 2.92% in early trading, reaching Rs 2,296.80. This increase follows the announcement that Prime Minister Narendra Modi will commission three advanced indigenous naval assets—INS Surat, INS Nilgiri, and INS Vagsheer—on Wednesday at the Naval Dockyard in Mumbai.

These warships, built by Mazagon Dock, highlight the Make in India initiative, incorporating 75% domestic components. A press release stated, “The combined commissioning of Nilgiri, Surat, and Vagsheer showcases India’s remarkable progress in defense self-reliance and indigenous shipbuilding.”

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The ships also include accommodations designed to support a “sizeable complement of women officers and sailors,” aligning with the Navy’s efforts toward gender inclusion in frontline combat roles. Mazagon Dock’s construction of these vessels solidifies India’s position as a leader in indigenous shipbuilding, reducing reliance on imports and advancing defense self-reliance.

Mazagon Dock shares traded between Rs 2,232.80 and Rs 2,321.00, boasting a market capitalization of Rs 925.86 billion and an average trading volume of 3.60 million shares.

The commissioning of these ships underscores Mazagon Dock’s vital role in India's defense sector and naval modernization efforts. The company's contributions to indigenous shipbuilding, along with its alignment with national strategic goals, enhance investor confidence in its growth prospects.

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