PSU Dividend Stock Hits 52-Week High For 2nd Day In A Row, Buy Or Sell?

Shares of large cap public sector undertaking operating under defence sector, Mazagon Dock Shipbuilders hit 52-week high for 2nd day in a row. Mazagon Dock Shipbuilders stock rallied 17% in last 1-week. Board of directors of Mazagon Dock Shipbuilders fixed September 20, 2023 as the record date for Rs 6.86 per share dividend.

Mazagon Dock Stock Performance & Return: Last trading price of Mazagon Dock share is Rs 2209.40 per share with intraday rally of 5.83%. Its 52-week high price is Rs 2483.00 per share and 52-week low price is Rs 403.50 per share, respectively. It has market capitalisation of Rs 44,561.39 crore. Mazagon Dock shares soared 119% in last 3-months, gained 197% in last 6-months, rose 410% in last 1-year, and witnessed a rally of 809% in last 2-years.

Record Date For Dividend: According to the exchange filing of Mazgon Dock dated September 6, 2023, "Pursuant to Regulations 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Register of Members and the Transfer of Shares of the Company will be closed for the purpose of the AGM and Dividend from 21 September 2023 to 27 September 2023 (both days inclusive) and the Company has fixed Record Date i.e. Wednesday 20 September 2023 for determining the eligible shareholders entitled to receive the final dividend."

Mazagon Dock Valuation: According to the brokerage report of ICICI Securities, dated August 13, 2023, "In our view, while the ordering potential remains significant, ordering/execution timelines remain unclear at this stage. At CMP, the stock captures a lot of exuberance that might not fructify as expected. We maintain SELL on the stock with an unchanged TP of INR 600, as per our DCF-based methodology. Repeat orders of P-17A stealth frigates or P15B destroyers are a key upside risk to our thesis."

Mazagon Dock About: Mazagon Dock Shipbuilders Limited is one of the leading shipbuilding yards in India. The History of Mazagon Dock dates back to 1774, when a small dry dock was constructed in Mazagon. Over the years, MDL has earned a reputation for quality work and established a tradition of skilled and resourceful service to the shipping world in general and the Indian Navy & Coast Guard. It was incorporated as a Private Limited Company in 1934. After its takeover by the Government in 1960, Mazagon Dock grew rapidly to become the premier war-shipbuilding yard in India, producing warships for the Navy and offshore structures for the Bombay High.

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The stock has been picked from the brokerage report of ICICI Securities. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.