Shares of Mazagon Dock Shipbuilders Limited surged 7.58 per cent to ₹2,530.90 on Friday morning, hitting an intraday high of ₹2,560, as investors reacted to reports of a defence contract nearing completion.
The stock opened at ₹2,383.30 against a previous close of ₹2,352.50 and was among the top gainers on the exchange by mid-morning. Traded volume stood at 63.81 lakh shares, with total traded value crossing ₹1,589 crore by 10.08 AM. The company’s market capitalisation stood at approximately ₹1,02,535 crore.
The rally was triggered by reports that the Indian Navy is likely to finalise a deal worth around ₹99,000 crore for six submarines from German defence firm Thyssenkrupp Marine Systems, with construction expected to take place at Mazagon Dock’s Mumbai facility.
In a clarification filed with the National Stock Exchange on Thursday, Mazagon Dock confirmed that Contract Negotiation Committee (CNC) talks between the company and the Government of India have concluded. The company stated the proposal has been forwarded for approval by the competent authority, building on earlier disclosures made in August and September 2025 and January 2026.
The company clarified it was not aware of any undisclosed material information that could explain the recent stock movement, and described the news report’s material impact on the company as “not applicable” at this stage.
Mazagon Dock’s stock remains well off its 52-week high of ₹3,775, touched in May 2025, though it has recovered sharply from its 52-week low of ₹2,125.90 recorded just days ago on March 2. The stock has delivered returns of over 2,190 per cent in the past five years.
Published on March 6, 2026