Latest news with #MCMVs
News18
30-05-2025
- Business
- News18
Mazagon Dock Shipbuilders Shares Plunge 7% As Q4 Net Profit Slumps 51%; Should You Buy?
Last Updated: Shares of state-run defence PSU Mazagon Dock Shipbuilders Ltd fell over 7% in early trade on Friday; What should investors do? Mazagon Dock Shipbuilders Share: Shares of state-run defence PSU Mazagon Dock Shipbuilders Ltd fell over 7% in early trade on Friday, May 30, following a sharp 51% year-on-year drop in net profit for Q4FY25. The company's net profit for the January-March quarter slipped to Rs 325.3 crore from Rs 663 crore in the year-ago period. Revenue from operations for the quarter rose marginally by 2.3% YoY to Rs 3,174.4 crore, compared to Rs 3,103.7 crore in the previous year. However, operating performance was under pressure, with EBITDA plunging 83% to Rs 90 crore from Rs 524 crore. For the full financial year, Mazagon Dock Shipbuilders reported a 25% rise in net profit to Rs 2,414 crore, up from Rs 1,937 crore in FY24, while revenue climbed 21% to Rs 11,432 crore. At 9:18 am, shares were trading at Rs 3,485.4 on the NSE, down 7.6%. The defence shipbuilder has recently been in focus amid reports of potential Navy orders worth Rs 44,000 crore. According to a Times of India report, the procurement of 12 advanced mine countermeasure vessels (MCMVs) will soon be placed before the Defence Acquisition Council for clearance. The MCMVs are expected to strengthen India's maritime defence by detecting and neutralising underwater mines. Despite Friday's slide, Mazagon Dock shares have surged 130% in the past year, far outpacing the Nifty 50's 10.4% gain. First Published: May 30, 2025, 10:10 IST
Time of India
25-05-2025
- Business
- Time of India
With Rs 44,000 crore, India to revive minesweepers plan amid China threat
NEW DELHI: India has revived its long-pending case for the indigenous construction of 12 specialised warships to detect, track and destroy underwater mines laid by enemy forces to choke harbours and ports, disrupt shipping and maritime trade. Tired of too many ads? go ad free now Defence ministry sources said the procurement case for the 12 advanced minesweepers or mine countermeasure vessels (MCMVs) for the Navy, at an estimated cost of around Rs 44,000 crore, will soon be placed before the Rajnath Singh-led defence acquisitions council for the grant of "acceptance of necessity (AoN)". The "open tender" or RFP (request for proposal) will then be issued for Indian shipyards to submit their techno-commercial bids. "It will take at least seven to eight years, if not more, for the first MCMV to roll out after the contract is inked," a source said. MCMVs are crucial in the backdrop of Chinese nuclear and conventional submarines, which can quietly lay mines, regularly coming to the Indian Ocean Region. Pakistan, too, is rapidly adding to its underwater combat fleet, with eight new Yuan-class diesel-electric submarines to be delivered by China. Indian Navy, alarmingly, does not have a single MCMV at present, with its earlier six Karwar-class and two Pondicherry class of minesweepers having progressively retired several years ago. The force is making do with "clip-on mine countermeasure suites" mounted on some ships to plug the critical capability gap when it needs 24 MCMVs to guard the country's 7,516-km long coastline with 13 major ports and over 200 minor ones. Tired of too many ads? go ad free now Both state and non-state actors can choke harbours and ports by planting underwater mines, which are cheap and relatively easy to use, to blow up warships, merchant vessels and tankers. The acquisition case for 12 MCMVs had begun way back in July 2005, which eventually led to Goa Shipyard tying up with South Korea firm Kangnam to build the specialised vessels. The negotiations, however, remained deadlocked on the costs, technology transfer and build strategy. The Rs 32,000-crore project was finally scrapped by the ministry of defence in 2017-2018. With a displacement of around 900-1,000 tonne, MCMVs have non-magnetic hulls and high-definition sonars, acoustic and magnetic sweeps to detect marooned and drifting mines. The vessels then use remote-controlled systems like small underwater vehicles to detonate the mines at safe distances. The force currently has 60 warships and vessels under construction in Indian shipyards while it will also commission its second 3,900-tonne multi-role frigate built in Russia as INS Tamal at Kaliningrad next month.
