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Time of India
6 days ago
- Business
- Time of India
Mazagon Dock shares become more valuable than these 8 Nifty 50 stocks after sharp rally
Mazagon Dock shares rallied up to 3.2%, reaching a market cap of Rs 1.43 lakh crore and surpassing several Nifty 50 stocks. Despite recent profit-booking, bullish technical indicators persist. The company expects 8–10% revenue growth and aims for major submarine contracts that could triple its current order book. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Technicals and stock performance Shares of Mazagon Dock Shipbuilders extended their recent rally on Wednesday, briefly rising as much as 3.2% to Rs 3,548 on the BSE before paring gains, with the stock now more valuable than eight constituents of the benchmark Nifty 50 index. The defence PSU , which has climbed in nine of the last 11 sessions, touched a market capitalisation of Rs 1.43 lakh crore at its intraday that valuation, Mazagon Dock eclipsed blue-chip companies such as IndusInd Bank Tata Consumer Products , Dr. Reddy's Laboratories, and Apollo Hospitals in terms of market capitalization Shares of the shipbuilder had touched a record high of Rs 3,775 on May 29, the day it announced its March quarter earnings. However, the stock fell 10% over the next two sessions after the results came in below its post-earnings call, the management explained that margins during the quarter were affected due to provisioning for two ongoing projects worth a combined Rs 3,500 ahead, the company guided for revenue growth of 8–10% and a Profit Before Tax margin of 15% for FY26. The management also projected that its order book could grow to Rs 1.25 lakh crore from the current Rs 32,260 crore, contingent on the finalisation of two major submarine contracts , the P75 and P75I.'The P75 submarines order, valued at Rs 30,000 crore to Rs 40,000 crore, is likely to be signed as early as next month,' the company had Dock shares have soared 111% in the past year, 46% over six months, 60% in three months, and 14.7% in the last the stock is trading above six of its eight key simple moving averages, including the 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day SMAs, indicating bullish momentum across Relative Strength Index stands at 57.8, suggesting the stock is neither overbought nor oversold. The MACD is at 187.4 and remains near the center line but below the signal line.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Economic Times
6 days ago
- Business
- Economic Times
Mazagon Dock shares become more valuable than these 8 Nifty 50 stocks after sharp rally
Shares of Mazagon Dock Shipbuilders extended their recent rally on Wednesday, briefly rising as much as 3.2% to Rs 3,548 on the BSE before paring gains, with the stock now more valuable than eight constituents of the benchmark Nifty 50 index. The defence PSU, which has climbed in nine of the last 11 sessions, touched a market capitalisation of Rs 1.43 lakh crore at its intraday high. ADVERTISEMENT At that valuation, Mazagon Dock eclipsed blue-chip companies such as IndusInd Bank, Hero MotoCorp, Hindalco, Shriram Finance, Cipla, Tata Consumer Products, Dr. Reddy's Laboratories, and Apollo Hospitals in terms of market capitalization. Shares of the shipbuilder had touched a record high of Rs 3,775 on May 29, the day it announced its March quarter earnings. However, the stock fell 10% over the next two sessions after the results came in below expectations. In its post-earnings call, the management explained that margins during the quarter were affected due to provisioning for two ongoing projects worth a combined Rs 3,500 crore. Looking ahead, the company guided for revenue growth of 8–10% and a Profit Before Tax margin of 15% for FY26. The management also projected that its order book could grow to Rs 1.25 lakh crore from the current Rs 32,260 crore, contingent on the finalisation of two major submarine contracts, the P75 and P75I. ADVERTISEMENT 'The P75 submarines order, valued at Rs 30,000 crore to Rs 40,000 crore, is likely to be signed as early as next month,' the company had Dock shares have soared 111% in the past year, 46% over six months, 60% in three months, and 14.7% in the last month. ADVERTISEMENT Technically, the stock is trading above six of its eight key simple moving averages, including the 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day SMAs, indicating bullish momentum across Relative Strength Index stands at 57.8, suggesting the stock is neither overbought nor oversold. The MACD is at 187.4 and remains near the center line but below the signal line. ADVERTISEMENT Also read | Sensex will hit 1.5 lakh by 2030 & 3 lakh by 2035! Raamdeo Agrawal makes big prediction (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Economic Times
6 days ago
- Business
- Economic Times
Result season was better than expected; BFSI beneficiary on multiple fronts: Krishna Sanghavi
Tired of too many ads? Remove Ads Also Read: Sudip Bandyopadhyay flags valuation risks in defence stocks after Mazagon Dock miss Tired of too many ads? Remove Ads , Chief Investment Officer – Equity,, says Indian companies reported better-than-expected earnings. Growth is spread across various sectors. Energy companies saw a combined earnings growth of 7-8%. BFSI and commodity sectors performed well. Divergence exists within sectors, with some companies growing rapidly. BFSI benefits from double-digit nominal GDP growth and strong credit demand. Increased domestic savings are boosting capital markets and related businesses in clarity is something not only India but a lot of global economies and market participants are awaiting. That will clearly help. Maybe it lays down a nice road map for India to further increase its manufacturing capabilities in terms of ability to supply from here to global markets, mainly the US. Let us not forget the US is the largest consumer in the world, and to an extent, any comfort, any small window opening up for Indian players to offer their products to US customers can clearly there might be some challenges on the tariff front. On the reverse side, some Indian industries might have some incremental competition coming up from reduced tariffs, if at all. So tariff is clearly one part and the other part remains how global capital market flows play out especially with FPIs moving money across markets, whether you call it developed markets or emerging markets on one front and within those DMs or EMs, how each country shapes up on valuation/incremental growth on the growth part, yes, India is placed nicely with 6.5% GDP growth rate for FY25. It is more likely to be in a similar range for FY26 based on current estimates. A nice double digit nominal growth rate on the back of real GDP shows the economy is broadly intact and all we need is some sort of clarity, maybe a little bit more are right, the result season was better than expected and the muted expectations clearly help in judging the output as better or maybe worse. For a change, we are having a better results season and the nice part is really well spread across. In fact, if you look at Energy index, there is 7-8% earning growth as a combined basket and profits is broadly spread across BFSI as well as commodity aggregate basket of oil and gas, metal, cement on one side or the resource consumers which is the entire non-BFSI, non-commodity piece, on the interesting observation from the sectoral mix is that it is quite divergent. Within the same sector, some companies are growing at 15-20% and some are really lagging. So, that is a company or a stock specific earning trajectory always remains relevant in Indian markets because there are a large number of companies to evaluate and the economy is doing what it is doing. So, always find some winners, some people leading the economy and the earning BFSI stands out as a nice beneficiary on multiple fronts. The core hypothesis remains intact as long as we have nominal GDP growth in double digits, the lending piece in place, credit demand in place and lenders also benefit. India is generating far more income and a lot of this income is available for savings. We also have an advantage for capital account convertibility which allows this money to be retained in India for domestic savings, so that helps the capital market piece, maybe the asset management company, the broking businesses, wealth management business because finally, that money comes back to Indian financial markets in whichever shape and form for BFSI is some sort of a beneficiary on this sectoral front.
Times of Oman
02-06-2025
- Business
- Times of Oman
India's First Dual-Coast Submarine Manufacturing: Mazagon Dock, Hindustan Shipyard to sign historic pact
New Delhi: In a landmark development for the domestic defence sector, state-run shipbuilders Mazagon Dock Shipbuilders Ltd (MDL) and Hindustan Shipyard Ltd (HSL) are poised to sign a memorandum of understanding (MoU) to jointly build submarines—establishing the country's first-ever dual-coast submarine production capability. The collaboration marks a strategic push under the Narendra Modi government's Aatmanirbhar Bharat initiative to ramp up indigenous defence manufacturing and reduce reliance on foreign suppliers. It will significantly enhance the country's capacity to produce advanced submarines for the Indian Navy. Mumbai-based MDL has a proven track record of building both Shishumar-class and the more recent Scorpene-class submarines under technology partnerships. It is currently in the fray for the Rs 45,000-crore Project 75(I) submarine tender, in collaboration with German submarine maker TKMS. HSL, headquartered in Visakhapatnam on the east coast, has the unique distinction of being the only Indian shipyard to have completed a full-scale submarine modernisation—the complex refit of INS Sindhukirti. It continues to handle major refits and overhauls for the Navy's underwater fleet. This dual-yard initiative fulfills a long-standing strategic vision dating back to 1999, which called for establishing a submarine-building facility on the east coast to complement the west coast's capabilities. The Indian Navy has projected a requirement for at least 24 submarines to counter increasing maritime threats and assert dominance in the Indo-Pacific. Given the complexity and long timelines associated with submarine construction, the MDL-HSL partnership will be crucial in accelerating delivery schedules, ensuring production continuity, and mitigating risks associated with single-yard dependence. Operation Sindoor—an extensive underwater surveillance and deterrence exercise conducted by the Navy—has highlighted the critical role of submarines in safeguarding India's maritime interests. The dual-coast manufacturing strategy is expected to significantly enhance India's underwater combat readiness and aligns with its broader ambition to emerge as a dominant Blue Water Navy with reach across the Indo-Pacific region. With this move, India takes a decisive step toward creating a robust, self-reliant ecosystem in underwater warfare platforms, securing not just its coastlines but also its strategic maritime interests far beyond.
Economic Times
02-06-2025
- Business
- Economic Times
Sudip Bandyopadhyay flags valuation risks in defence stocks after Mazagon Dock miss
"Look at companies like UltraTech Cement. They have performed very well, much better than market expectations. Yes, monsoon is not a time for cement, but in spite of that market is appreciating the performance of some of these large companies," says Sudip Bandyopadhyay, Group Chairman, Inditrade Capital. ADVERTISEMENT Give us a sense of what you have made of the earning season gone by. Now that has finally come to an end for us and when I take a look at the earnings scorecard, you have only seven Nifty companies so far that have performed below earnings estimates at least compared to the ET Now estimates with 13 above, 20 in line, and 9 mixed coming in. So, it has not been all that bad like the street was estimating before the beginning of the season. Give us a roundup on what you think has happened when it comes to the earnings and your takes on that. Sudip Bandyopadhyay: Well, you are absolutely right, compared to Q3, Q4 earnings were much-much better and as you rightly said, this was much better than even what was being expected. So, we should take note of the fact that companies have performed by and large better than market expectations. Let us look at cement. This is one sector which has performed uniformly well. Look at some of the FMCG companies, they have performed well. Some of the construction and engineering companies, they have done well. And also, I would say if you want to specify companies, look at how some of the other names in the building material and textiles, even technology, some of the technology companies have performed better than what was being expected. So, by and large, it has been a good set of numbers. Amongst the recently announced numbers, some of the defence companies have disappointed and we have been saying for quite some time that the defence sector valuation is at such level that margin of error is very-very limited. So, a Mazagon Dock slipping on margin definitely will attract negative attention of the market and that is what getting played out now. Q4 numbers of company like a Mazagon Dock was not good, it was a darling of the market. On the other hand, look at the wind energy company Suzlon, they have performed much better than what was being expected. The management commentary was very bullish and very positive. So, market has been rewarding it. Look at companies like UltraTech Cement. They have performed very well, much better than market expectations. Yes, monsoon is not a time for cement, but in spite of that market is appreciating the performance of some of these large companies. I was coming to you for this because Mazagon Dock reported its quarter four numbers and, of course, the fall in the stock price post the results. I wanted to ask, is really the party over for all the defence companies right now because they had run up quite a bit and, of course, after operation Sindoor they were running up on very high valuations and now that the results have been a disappointment, is the party really over in the defence space? Sudip Bandyopadhyay: Well, the party was carrying on for much more than what was warranted. You see, the whole issue is the valuation. There is absolutely no doubt in the fact that some of these companies are very good companies and there is absolutely no problem in they are gaining in more and more orders, the order book is full, and they will keep getting orders. The challenge comes in execution. Look at Hindustan Aeronautics, HAL. Look at the order book, it is bulging and it is continuously increasing. The management is also very confident of new orders coming in. But look at the guidance on topline revenue growth, about 8%. Now, in 8% topline growth cannot command the kind of valuation it is commanding, that is where the challenge is. So, we have to be very cognisant of the fact that you are looking at a rich valuation and if somebody is getting in at these valuations, they should be aiming for a long haul. You should not expect quick returns in this segment. The only company where I expect a re-rating in the near future is Bharat Electronics. This is a fantastic company. Electronics in defence is the key thing nowadays. ADVERTISEMENT They cater to air force, army, navy, all three wings of the armed forces. Adjacencies like metro network, they have got into, export market has opened up, strong balance sheet, good execution. Last year, the order inflow was below expectations, but that is going to get corrected surely this year. So, some kind of re-rating at some stage during the current fiscal is possible and investors can look at buying into BEL even at current levels. (You can now subscribe to our ETMarkets WhatsApp channel)
