Rs 15.34/Share Dividend: PSU Defence Stock Declares Highest Ever Dividend, Up 162% In 6-Months

Leading public sector undertaking Mazagon Dock Shipbuilders on November 8, 2023 approved an interim dividend of 153% being Rs. 15.34 per equity share aggregating to Rs. 309.39 crore for the financial year 2023-24. This is the highest dividend amount the large cap PSU defence company has declared. Earlier, its highest dividend was Rs 9.1 that it announced in November 2022. Last trading price of Mazagon Dock Shipbuilders share on BSE is Rs 1991.80 per share with intraday fall of 0.40%. Mazagon Dock Shipbuilders shares soared 162% in last 6-months and jumped 553% in last 2-years.

Should you buy Mazagon Dock Shipbuilders shares? Prabhudas Lilladher, in its brokerage report dated October 17, recommended investors to buy large cap Defence PSU stock with target price of Rs 2300 apiece. Check details below:

Mazagon Dock Shipbuilders Declares Highest Interim Dividend: According to the brokerage report issued on November 8, 2023, "approved declaration of interim dividend @ 153% being Rs 15.34 per equity share aggregating to Rs 309.39 crore to be paid out of the profits of the company for the financial year 2023-24." The Board has declared Monday, 20 November 2023 as the record date for reckoning eligibility of shareholders for the purpose of payment of interim dividend. The interim dividend shall be paid on or before 07, December 2023.

Mazagon Dock Dividend History: Mazagon Dock Shipbuilders announced 7 dividends since February 22, 2021. In last 12 months period, Mazagon Dock Shipbuilders announced an equity dividend amounting to Rs 15.96 per share. If the current share price of Rs 1993.00 is taken into consideration, it offers a dividend yield of 0.80%, according to Trendlyne.

Mazagon Dock Shipbuilders Quarterly Results: The company for the quarter ended September 30, 2023 declared its revenue from operations at Rs 1827 crore as against Rs 1702 crore it declared in the corresponding period of last year. Mazagon Dock announced its net profit for the period at Rs 332.9 crore as against Rs 213.9 crore reported in the year ago quarter.

The company declared its EBITDA for the quarter under consideration to Rs 176.7 crore year-on-year (YoY), up 50%. EBITDA margin expanded by approximately 300 basis points to 9.7% from 6.9% in September last year.
Mazagon Dock Stock Performance & Return: Current market price of Mazagon Dock share on BSE is Rs 1993.00 per share. Its 52-week high price is Rs 2483.00 per share and 52-week low price is quoted at Rs 612.80 per share, respectively. The company's market capitalisation is Rs 40,196.82 crore. Mazagon Dock share surged 157% in last 1-year, gained 553% in last 2-years, and soared 1054% in last 3-years.

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.

Disclaimer

The stock has been picked from the brokerage report of Prabhudas Lilladher. 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.