Mazagon Dock secures Rs 1,486 crore contract from ONGC

Mazagon Dock Shipbuilders announced on September 6 that it has received a substantial order valued at Rs 1,486 crore from Oil & Natural Gas Corporation (ONGC). This contract involves the "Pipeline Replacement Project 8 Group A," focusing on subsea pipeline replacement works on an EPC reimbursable basis, capped at Rs 1,486,40,32,996, as per the company's filing with the stock exchange.

Recently, Mazagon Dock, along with other defense sector stocks like Hindustan Aeronautics and Bharat Dynamics, has garnered attention following the Union government's Defence Acquisition Council (DAC) approval of significant procurements totaling Rs 1,44,716 crore for the Armed Forces.

On September 6, shares of Mazagon Dock closed at Rs 4,403 per share on the NSE, marking a 3.85 percent decrease.