India's Mazagon Dock drops for third straight session after ICICI calls it "overvalued"

ICICI Securities

20/08/2024 10:13

** Shares of Mazagon Dock Shipbuilders  MAZG.NS  shed 8% to
4724.75 rupees 
    ** Stock has lost ~13% in three sessions so far since ICICI
Securities on Friday said that it is "overvalued"
    ** Brokerage keeps "sell" rating; says margins likely to
taper off once new contracts are executed
    ** ICICI's new TP of 1,165 rupees is lowest among three
brokerages covering the stock and 77% lower than stock's close
on Wednesday (Thursday was a trading holiday)
    ** MAZG rated "hold" on average - LSEG data
    ** Despite the three-session drop, the stock is still up 90%
YTD

 (Reporting by Hritam Mukherjee and Bharath Rajeswaran in
Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))