Mazagon Dock Q1 Results Surge; Nirmal Bang Recommends 'Sell'
The price of Mumbai-based submarines and warships manufacturer stock rose to 127% since April 5.
Mazagon Dock's product portfolio encompasses a diverse range of products for both domestic and International clientele.
Mazagon Dock Shipbuilders Ltd announced impressive Q1 results due to reduced interest expenses and increased other income, leading to a rise in its earning estimates for FY24.
Nirmal Bang Institutional Equities suggested a 'Sell' call on the Mazagon Dock, with a target price of Rs 4,468.
The price of Mumbai-based submarines and warships manufacturer stock rose to 127% since April 5.
Mazagon Dock Shipbuilders experienced a year-over-year sales increase of 8.5 percent, falling short of the Nirmal Bang estimates by 19.6 percent.
The company's EBITDA rose by 274 percent year-over-year, while profit after tax grew by 121 percent year-over-year.
