Mazagon Dock surges by 7% as unit considers stock split, dividend on October 22

The Shares of shipbuilding company Mazagon Dock Shipbuilders soared up to 7.11 percent to hit an intraday high of Rs 4,542 per share on Friday, October 18, 2024. 

The ascent in the share price came amid the company's announcement that the board of directors will meet on October 22 to consider a stock split and declaration of interim dividend for the financial year 2024-25.

In an exchange filing, the company said, “We hereby intimate the Stock Exchanges that a meeting of the Board of Directors of Mazagon Dock Shipbuilders Limited is scheduled on Tuesday, 22 October 2024, inter alia, to consider Declaration of Interim Dividend for the financial year 2024-25 and Sub-division/ Split of Equity Shares of the company pursuant to the provisions of section 61(1)(d) of the Companies Act, 2013.”

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Furthermore, the company has fixed October 30 as the ‘Record Date’ for payment of Interim Dividend on Equity Shares for the Financial Year 2024- 25, if declared by the Board.  

The infrastructure capability is simultaneously handling 11 submarines and 10 warships, where the PSU company has established a dedicated "Make in India" Department to focus on indigenization. Approximately 75 percent of the company's content is dedicated to warship construction, leveraging indigenous materials to significantly cut costs.

The market capitalization of Mazagon Dock Shipbuilders is Rs 91,184.05 crore, according to the Bombay Stock Exchange (BSE). The company falls under the BSE500 category. 

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